Vietnam gasoline price slips 7th consecutive time

Retail gasoline prices in Vietnam slipped by VND1,020-1,120 ($0.05) a liter on Monday, the seventh consecutive drop since the beginning of July.

The prices of RON95 and E5 RON92 gasoline fell by VND1,020 and VND1,120 to VND23,210 and VND22,230 ($0.95) a liter, respectively.

Diesel oil dropped by VND1,000 to VND24,180 ($1.03). Kerosene also declined by VND1,030 to VND24,410 ($1.04) a liter.

Retail gasoline prices in the country have witnessed 23 adjustments in the year to date, including 13 hikes and 10 reductions.

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

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

Vietnam's consumer price index in the first eight months of the year rose 2.58% on average against the same period last year. Fluctuations in consumer prices are mainly caused by food and gasoline costs.

The World Bank and IMF expect Vietnam’s 2022 inflation to be contained at a maximum 4%, the State Bank of Vietnam's target.