Vietnam gasoline price hiked after 4 consecutive drops

Retail gasoline prices in Vietnam increased by VND330-1,045 ($0.04) a liter due to the environmental protection tax effective from midnight on Sunday, the first hike after four consecutive drops since mid-November.

RON 95-III gasoline went up to VND21,800 ($0.92) per liter, while E5 RON 92 hit VND21,000 ($0.88).

Diesel climbed by VND550 to VND22,150 ($0.94), and Kerosene rose by VND330 to VND22,160 ($0.94) a liter.

The new diesel price has been set at VND350 ($0.01) higher than that of RON 95-III.

The price increase is due to environmental protection tax on gasoline and oil adjusted from the beginning of 2023.

According to the resolution of the National Assembly Standing Committee, this tax rate applies to each liter of gasoline (except ethanol) is VND2,000 ($0.08), diesel atVND1,000 ($0.04), kerosene VND600 ($0.03), fuel oil VND1,000, and lubricants and grease VND1,000 per kilogram.

Vietnam's inflation was reined in at 3.15% compared with 2021's average, lower than the set target of 4%. This is a very significant result, given that the 2022 inflation was estimated at about 5.7% in developed countries and 8.7% in developing and emerging countries.