Gasoline prices dip to 4-month low

The popular fuel E10 RON95 dropped 4.05% to VND19,910 per liter. Biofuel E5 RON92 fell 3.83% to VND19,350. Diesel decreased by 7.10% to VND21,860.

The Ministry of Industry and Trade and Ministry of Finance said that the global fuel market this week was influenced by the signing of a peace agreement between the U.S. and Iran, aiming at ending their conflict and reopening maritime traffic through the Strait of Hormuz.

Those developments have pushed international fuel prices lower compared seven days earlier.

The special consumption tax on gasoline is set to be reinstated beginning July 1, at rates of 10% for mineral gasoline, 8% percent for E5, and 7% percent for E10.

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The ministry said the partial tax restoration would raise average fuel prices by roughly 5%, contributing an estimated 0.11 percentage points to the consumer price index.