The Ministry of Industry and Trade said that the price of gasoline imported from Singapore is falling sharply, opening the expectation of gasoline price reduction in the adjustment period on July 1.
On the morning of June 28, the Ministry of Industry and Trade announced that the price of A95 gasoline imported from Singapore is plummeting to only 152-153 USD/barrel. Therefore, the gasoline adjustment period in the next few days is likely to decrease gasoline prices.
According to experts, the price of imported gasoline also fluctuates according to the global crude oil price. Recently, oil prices have cooled down, no longer above the level of 120 USD/barrel, but usually fluctuated at 105-111 USD/barrel.
The reason is that people in many countries reduce their consumption of gasoline due to high prices. Interest rate hikes in major economies have strengthened the dollar and fueled fears of a global recession that have sent oil prices cooling.
According to the Ministry of Finance, the tax in the price of E5RON92 gasoline accounts for about 23.4%, in RON95 gasoline about 24.1%, and in diesel for about 12.7% (with the environmental protection tax being reduced by 50%). In order to contribute to reducing gasoline prices, the Ministry of Finance proposed to continue to adjust the environmental protection tax rate for gasoline, oil and grease to the floor level in the tax bracket until the end of December 31, 2022.
The Vietnam Federation of Trade and Industry (VCCI) said that the proposal to reduce the environmental protection tax at the rate of 1,000 VND/liter for gasoline is reasonable. The reduction of environmental protection tax is under the authority of the National Assembly Standing Committee, so it can be implemented right in July 2022.
At the latest operating period on June 21, domestic gasoline prices increased for the 7th time in a row and set a new peak. Specifically, the price of gasoline E5 RON 92 increased by 190 VND/liter, to 31,300 VND/liter; RON 95 gasoline price increased by 500 VND/liter, to 32,870 VND/liter.