Gasoline prices drop from 0:00 on July 1

The adjustment of gasoline prices from 0:00 on July 1 by the Ministry of Industry and Trade - Ministry of Finance aims to implement Resolution 204/2025/QH15 of the National Assembly, which was just issued in mid-June.

According to this resolution, the value-added tax (VAT) rate for many goods and services will be reduced from 10% to 8% from July 1 to the end of 2026. In particular, goods such as telecommunications, finance - banking, real estate, insurance, metal products, mining (except coal) and goods subject to special consumption tax (except gasoline) will not be subject to this reduction.

Regarding gasoline prices, from 0:00 on July 1, E5 RON 92 gasoline decreased by 101 VND compared to the current base price to 20,530 VND/liter, RON 95 III gasoline decreased by 128 VND to the new price of 21,116 VND/liter.

From 0:00 on July 1, retail prices of gasoline and oil nationwide will be adjusted according to the new VAT reduction policy that takes effect.

While fuel oil decreased by 668 VND to 16,955 VND/kg, diesel and kerosene were adjusted up by 193 VND and 141 VND respectively to new prices of 19,349 VND/liter and 19,064 VND/liter.

Before 0:00 on July 1, gasoline prices had been adjusted at 15:00 on June 26, with the highest increase belonging to diesel (increased by 551 VND/liter).

Since the beginning of the year, gasoline prices have been adjusted a total of 25 times. Of which, two popular gasoline products, E5 RON 92 and RON 95, have increased 13 times and decreased 12 times. Diesel has increased 12 times, decreased 12 times and remained unchanged once. Fuel oil alone has experienced 15 price increases and 10 price decreases.

The regulator said that this adjustment was carefully calculated based on the developments in world oil prices, the USD/VND exchange rate and macroeconomic factors. The goal is to ensure a balance of interests between the state, businesses and consumers, while continuing to encourage people to use biofuel.

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Source: https://doanhnghiepvn.vn/kinh-te/gia-xang-giam-tu-0h-ngay-1-7/20250701065001518