Gasoline prices drop across the board from 0:00 a.m. on July 1 when implementing a 2% VAT reduction

According to Document No. 1492/TTTN-XD dated June 26, 2025 of the Department of Domestic Market Management and Development ( Ministry of Industry and Trade ), on June 17, 2025, the National Assembly issued Resolution No. 204/2025/QH15 on value added tax reduction (effective from July 1, 2025 to December 31, 2026).

Gasoline prices are adjusted down from 0:00 on July 1.

In this Resolution, the National Assembly stipulates a 2% reduction in the value-added tax (VAT) rate, applicable to the group of goods and services specified in Clause 3, Article 9 of the Law on Value-Added Tax No. 48/2024/QH15 (to 8%). Except for some groups of goods and services such as telecommunications, financial activities, banking, securities, insurance, real estate business, metal products, mining products (except coal), goods and services subject to special consumption tax (except gasoline).

Pursuant to Resolution No. 204/2025/QH15, from 0:00 on July 1, 2025, the new retail price of gasoline will be adjusted by the Ministry of Industry and Trade - Ministry of Finance at the following prices: E5RON92 gasoline price will be adjusted down by 380 VND/liter compared to the previous adjustment period, the new selling price will not be higher than 20,530 VND/liter. RON95-III gasoline price will not be higher than 21,110 VND/liter after being reduced by 390 VND/liter compared to the retail price on June 26.

In this adjustment period, the price of 0.05S diesel is not higher than 19,340 VND/liter (a decrease of 360 VND/liter compared to the current retail price); The price of kerosene is not higher than 19,060 VND/liter (a decrease of 350 VND/liter compared to the current retail price). The price of 180CST 3.5S fuel oil this period increases by 20 VND/kg compared to the previous period, the new selling price is 17,280 VND/kg.

The Ministry of Industry and Trade and the Ministry of Finance said that the world oil market in this adjustment period (from June 19 to June 25) was affected by major factors, such as the conflict between Israel and Iran in the Middle East; the ongoing military conflict between Russia and Ukraine... The above factors caused the world oil price to fluctuate up and down depending on the product in recent days.

The average price of finished petroleum products in the world between the price management period of June 19 and the management period of June 26 to the management period of July 3, 2025 is 84.436 USD/barrel of RON92 gasoline used to blend E5RON92 gasoline (up 1.348 USD/barrel, equivalent to an increase of 1.62%); 86.282 USD/barrel of RON95 gasoline (up 1.154 USD/barrel, equivalent to an increase of 1.36%); 90.136 USD/barrel of kerosene (up 2.558 USD/barrel, equivalent to an increase of 2.92%); 92.416 USD/barrel of 0.05S diesel oil (up 2.860 USD/barrel, equivalent to an increase of 3.19%); 462,876 USD/ton of 180CST 3.5S fuel oil (down 13,970 USD/ton, equivalent to a decrease of 2.93%).

In light of the above developments in world oil prices, fluctuations in the VND/USD exchange rate and current regulations, the Ministry of Industry and Trade - Ministry of Finance decided on a plan to manage oil prices to ensure that domestic oil price fluctuations are consistent with world oil price fluctuations; continue to maintain the price difference between E5RON92 biofuel and RON95 mineral gasoline at a reasonable level to encourage the use of biofuels according to the Government's policy; ensure the harmony of interests among market participants.

This is the 25th time in 2025 that gasoline prices have been adjusted. Of which, RON95 gasoline has increased 13 times and decreased 12 times, E5RON92 has increased 13 times and decreased 12 times, diesel has increased 12 times, decreased 12 times and kept the price unchanged, and fuel oil has increased 15 times and decreased 10 times.

Source: https://baocaobang.vn/gasoline-prices-increased-from-0:00-to-1-7-when-they-implemented-gasoline-taxes-2-3178312.html