Vietnam gasoline price unchanged, diesel oil down

Retail gasoline prices have been unchanged, while diesel oil dipped by VND520 to VND21,630 ($0.92) per liter on Wednesday.

The current price of RON 95-III is VND22,150 ($0.94) per liter, and E5 RON 92 VND21,350 ($0.91).

Kerosene slipped by VND960 to VND21,800 ($0.93) a liter.

As for Wednesday's price cuts, Vietnamese authorities continued to avoid the Fuel Price Stabilization Fund. Instead, they decreased provisions for the fund, from VND400 to VND103 for each liter of RON 95-III and decrease the provision from VND350 to VND121 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 applied to each liter of gasoline (except ethanol) is VND2,000 ($0.08), diesel at VND1,000 ($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 2022 inflation was estimated at about 5.7% in developed countries and 8.7% in developing and emerging economies.