Vietnam’s petrol prices fall below 30,000 VND per litre

Retail petrol prices in Vietnam have dropped by more than 3,000 VND per litre to below 30,000 VND (1.29 USD), following decreases in the environmental protection taxes.

Effective from July 11, a litre of E5 RON92 is now priced at 27,788 VND, down 3,103 VND while RON95 petrol falls by 3,088 VND to 29,675 VND per litre. Additionally, one litre of diesel oil is cut by 3,022 VND to 26,593.

These are the sharpest price cuts over the past several months following consecutive hikes that made fuel prices surpass the 30,000 VND per litre mark.

Under a resolution by the National Assembly, the environmental protection taxes are reduced to 1,000 VND per litre for petrol and jet fuels, and 500 VND for diesel oil, which is effective from July 11 until the end of 2022.

The move is designed to bring down the price of petrol and keep inflation in check.