According to a report by the ministries of Industry and Trade and Finance, the ministries have decided to use VND1,000 from the petroleum price stabilisation fund for per litre of E5RON92, while slashing the level for RON95 to VND500, for diesel to VND800, for kerosene to VND700 per litre and mazut to VND500 per kilo. 

Petroleum prices have been reduced on the first day of the New Year 2019

The ministries have also reduced the prices for many petroleum products from 1 am of January 1. E5RON 92 prices will be cut down by VND515 per litre, diesel down by VND1,092, kerosene by VND818 and mazut by VND733.

Following the price drop, E5RON 92 is being sold at no more than VND16,272 per litre; RON 95 at VND17,603 per litre and while the maximum prices for diesel, kerosene and mazut is VND14,909 and VND14,185 per litre and VND13,275 per kilo respectively.

This has been the sixth petroleum price cut since October 22.

From January 1, 2019, the environmental protection tax rise for oil and petroleum products will be implemented.

Environmental protection taxes for petrol will be raised by VND1,000 to the ceiling level of VND4,000 per litre from the current level of VND3,000 (13 US cents). The taxes for diesel oil will be raised by VND500 to VND2,000 per litre; meanwhile, the increase for other products will be from VND5,00-1,100 per litre.