Gasoline Prices Continue to Decline

For the second week in a row, gasoline prices have seen a significant decrease. The popular fuel RON95 has fallen by 1.10% to VND19,700 (US$0.75) per liter, marking a notable drop for consumers.

Biofuel E5 RON92 also saw a decrease, plunging 1.08% to VND19,270, while diesel prices experienced a slight increase of 1.76% to VND19,120.

Global Influences on Fuel Prices

The past week's fuel prices were influenced by various global factors, including updates on the U.S.'s new import tax policies and the E.U.'s announcement of a new sanctions package on Russian oil. The average price per barrel of RON95 gasoline decreased by 1.5% to $78.5, whereas diesel gained 1.99% to $90.95 per barrel.

Transition to Green Fuel

Starting August 1, Petrolimex and PVOIL, the two largest players in the petroleum market, will pilot the sale of E10 biofuel—a blend of 10% ethanol and 90% mineral gasoline. This initiative represents the first step towards a nationwide transition to green fuel, expected to begin in 2026. E10 biofuel is seen as a key solution to reduce CO2 emissions, support the ethanol agriculture industry, and diversify energy supply sources.

The current value-added tax rate on petroleum products remains at 8%, a figure set to continue until the end of next year as per a National Assembly’s resolution.