Environmental tax adjustment, gasoline prices increase simultaneously from 0:00 on January 1

Petrolimex staff selling gasoline to customers

Domestic gasoline prices increased simultaneously from 0:00 today (January 1, 2023) after applying the new environmental protection tax.

According to the decision of the Ministry of Industry and Trade and the Ministry of Finance, the price of RON 95-III gasoline increased by VND 1,100 to VND 21,807; the new price of E5 RON92 gasoline is VND 21,020, an increase of VND 1,045/liter.

Along with that, diesel increased by 550 VND, to 22,151 VND per liter, kerosene increased by 330 VND, the new price is 22,1666 VND/liter, fuel oil increased by 770 VND/kg, to 12,863 VND/kg.

A representative of the Ministry of Industry and Trade said that on December 30, 2022, the National Assembly Standing Committee passed Resolution No. 30/2022/UBTVQH15 on environmental protection tax rates for gasoline, oil and grease, replacing Resolution No. 20/2022/UBTVQH15 dated July 6, 2022, applicable from January 1, 2023 to December 31, 2023.

Accordingly, the environmental protection tax rate applied to gasoline, excluding ethanol, is VND 2,000/liter (an increase of VND 1,000/liter compared to the current rate according to Resolution No. 20/2022/UBTVQH15), Aviation fuel is VND 1,000/liter (as current), Diesel is VND 1,000/liter (an increase of VND 500/liter compared to current).

In addition, kerosene is 600 VND/liter (an increase of 300 VND/liter compared to current), fuel oil is 1,000 VND/liter (an increase of 700 VND/liter compared to current), lubricants are 1,000 VND/liter (an increase of 700 VND/liter compared to current), grease is 1,000 VND/kg (an increase of 700 VND/kg compared to current).

Based on the proposal of the Ministry of Finance in Official Dispatch No. 14062/BTC-QLG dated December 31, 2022 on the implementation of the Resolution of the National Assembly Standing Committee on reducing environmental protection tax on gasoline, oil, and grease, to ensure consistency when implementing Resolution No. 30/2022/UBTVQH15, the Ministry of Industry and Trade shall adjust the selling price of gasoline and oil products corresponding to the adjustment of environmental protection tax in Resolution No. 30/2022/UBTVQH15.

"The selling price for petroleum products will be determined by the petroleum wholesaler and petroleum distributor, but no earlier than 0:00 on January 1, 2023," said a representative of the Ministry of Industry and Trade.

Petrolimex representative said that as of the time of price adjustment, the petroleum stabilization fund (BOG) at the enterprise was 1,989 billion VND.

Previously, gasoline prices had decreased 4 times in a row, in which the most recent adjustment (December 21, 2023), after setting aside the price stabilization fund, RONN 95-III gasoline decreased by 493 VND; E5 RON92 gasoline decreased by 371 VND/liter. In addition, diesel decreased by 69 VND, kerosene decreased by 65 VND/liter and fuel oil decreased by 153 VND/kg.

According to Decree 95/ND-CP amending and supplementing a number of articles of Decree 83/2014 on gasoline and oil trading, effective from January 2, 2022, gasoline and oil prices are adjusted three times a month on the 1st, 11th and 21st of each month (ie every 10 days, instead of every 15 days).

If it falls on a day off or holiday, it will be postponed to the next working day after the day off; if it falls on the Lunar New Year holiday, it will be postponed to the next adjustment period.

- Recent fluctuations in domestic gasoline prices:

According to Vietnam+