Vietnam gasoline price drops for third time in a row

Retail gasoline prices in Vietnam slipped by VND2,715-3,605 ($0.15) a liter on Thursday, the third consecutive drop since the beginning of July.

The price of RON 95 and E5 RON92 gasoline fell by VND3,605 and VND2,715 to VND26,070 and VND25,073 ($1.07) a liter, respectively. Diesel oil dipped by VND1,735 to VND24,858 ($1.06).

The gasoline price has dropped to the level recorded in February this year.

Retail gasoline prices in the country have witnessed 19 adjustment in the year to date, including 13 hikes and six reductions.

The National Assembly on July 6 adopted lowered environmental tax on fuel, applied from July 11 till the year-end, amidst increasing oil prices that put pressure on inflation.

The tax cuts - the second time in the year after the first this April - are expected to help the national economy better navigate a global situation in which oil prices have soared.

CPI in the first six months rose 2.44% on average against the same period last year. The WB and the IMF expect Vietnam’s 2022 inflation to be contained at a maximum of 4%, which is the State Bank of Vietnam's target.