Gasoline prices on Thursday afternoon dropped for the second straight week, driven by new U.S. tariffs and other factors.
The popular fuel RON95 fell 1.10% to VND19,700 (US$0.75) per liter.
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An employee fills a bottle with gasoline at a fuel station in Ho Chi Minh City in 2022. Photo by VnExpress/Quynh Tran |
Biofuel E5 RON92 plunged 1.08% to VND19,270.
Diesel gained 1.76% to VND19,120.
Globally fuel prices over the past seven days were influenced by various factors, such as updated information on the U.S.’s new import tax policies with trading partners 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. In contrast, diesel gained 1.99% to $90.95 per barrel.
Starting from August 1, the two largest players in the petroleum market, Petrolimex and PVOIL, will pilot the sale of E10 biofuel – a blend of 10% ethanol and 90% mineral gasoline.
Petrolimex will trial this fuel in HCMC, while PVOIL will roll it out in Hanoi and Hai Phong. This marks the first step in a nationwide transition to green fuel, expected to begin in 2026.
E10 biofuel is considered a key solution to reduce CO2 emissions, support the ethanol agriculture industry, and diversify energy supply sources. The government wants E10 biofuel to gradually replace mineral gasoline in the market.
The current value-added tax rate on petroleum products is 8%, which will remain in place until the end of next year, according to a National Assembly’s resolution.
