Fuel prices in Vietnam drop amid global uncertainties
These cuts were made after crude oil prices declined over the past seven days.
THE HANOI TIMES — Rtail fuel prices in Vietnam were slashed by up to VND1,210 (4.6 US cents) per liter, starting on July 3.
Petroleum prices in Vietnam fell by a maximum of 4.6 US cents on July 3. Photo: Kinh Te & Do Thi Newspaper
Following the latest adjustment by the Ministries of Industry and Trade, and Finance, the maximum retail price of E5 RON 92 gasoline was set at VND19,445 (74 cents) per liter, which is VND1,085 (4.1 cents) less than the previous adjustment on July 1.
RON 95-III gasoline prices dropped by VND1,210 (4.6 cents) to a maximum of VND19,906 (76 cents)/liter. The cost of diesel 0.05S decreased by VND941 (3.6 cents) to a maximum of VND18,408 (70 cents) per liter.
The price of kerosene also declined by VND932 (3.6 cents) to a maximum of VND18,132 (69 cents) per liter. Meanwhile, the ceiling price for fuel oil 180CST 3.5S fell by VND1,148 (4.4 cents) to a maximum of VND15,807 (60 cents) per kilogram.
During this pricing period, the two ministries did not allocate or use the price stabilization fund for E5 RON 92, RON 95 gasoline, diesel, kerosene, or fuel oil.
Since July 1, the value-added tax (VAT) on petroleum products has decreased from 10% to 8%, according to a resolution passed by the National Assembly.
The Ministry of Industry and Trade noted that domestic fuel prices in the first half of 2025 were lower than in the same period of 2024 and previous years.
This has helped reduce production and business costs and support efforts to control inflation.
Over the past week, global fuel prices have declined due to OPEC+'s decision to increase oil production in August, Iran’s suspension of cooperation with the International Atomic Energy Agency (IAEA), and rising US crude oil inventories.
The average price of RON 95 gasoline fell 7.7% to $79.60 per barrel, and the rates of kerosene and diesel dropped between 5.9% and 9.1%.
