Domestic petrol market to fall sharply on July 11

The retail prices of petrol in Vietnam are expected to dive sharply next week after consecutive hikes over the past months.
Retail price of RON95 drops by 110 VND to a maximum of 32,763 VND (1.41 USD) per litre, while that of E5RON92 bio-fuel is down 411 VND to 30,891 VND per litre (Photo: VNA)
Domestic petrol prices are anticipated to fall sharply on July 11. (Photo: VNA)

The Ministry of Industry and Trade and the Ministry of Finance will jointly announce a periodical adjustment on the retail prices of petrol on July 11, and the prices are anticipated to fall by nearly VND3,000 per litre to below VND30,000 per litre.

According to data from the Ministry of Industry and Trade updated on July 5, the average petrol price in the Singapore market dropped sharply. Petrol RON92 cost more than US$139 /barrel, while petrol RON95 was capped at more than US$147/barrel.

Similarly, oil prices also decreased compared to the most recent adjustment.

The National Assembly Standing Committee last week approved the Government’s proposal to further axe the environmental protection tax on petrol and oil, starting at 00.00 on July 11.

A representative of a petrol and oil enterprise in Hanoi forecast that the price of petrol may decrease by nearly VND3,000 per litre, while that of oil may decrease at a lower level, about VND2,000 per litre.

As a result, the domestic petrol price is likely to fall to below VND30,000 per litre, and the new price level is likely to come into effect as of 00.00 on July 11 instead of 15.00 (local time) as normal.

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(Source: VNA)