Vietnam gasoline price hiked for second time after 4 consecutive drops

Retail gasoline prices in Vietnam increased by VND350 ($0.01) a liter on Tuesday, the second hike after four consecutive drops since mid-November.

RON 95-III gasoline went up to VND22,150 ($0.94) per liter, while E5 RON 92 hit VND21,350 ($0.91).

Kerosene rose by VND600 to VND22,760 ($0.97) a liter. Diesel oil retained its selling price of VND22,150 ($0.94) per liter, equivalent to the RON 95-III gasoline price.

As for Tuesday's price cuts, Vietnamese authorities continued to avoid the Fuel Price Stabilization Fund. Instead, they not change the provisions of VND400 for each liter of RON 95-III and VND350 for each liter of E5 RON 92.

According to a resolution of the National Assembly Standing Committee, the environmental protection tax on gasoline and oil was adjusted from the beginning of 2023.

The 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.