The retail price of biofuel E5 - RON92 declined by VND650 to VND28,330 (US$1.24) per liter and RON95 to VND29,190 ($1.28) per liter, respectively, from 3:00 pm today [March 21].

Petrol prices decline for the first time since early 2022. Photo: The Hanoi Times

The move came following the latest 10-day review on petrol prices jointly conducted by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance (MoF) on the same day.

The latest price adjustment marked the first decline since early 2022 after six consecutive rises.

The price of kerosene was posted at VND22,240 ($0.97) per liter, down VND1,670; diesel at VND23,630 ($1.03), decreasing VND1,630; and mazut at VND20,420 ($0.89) per kilogram, down VND560.

According to the two ministries, the retail prices of fuel products on the global market went down in the past 10 days, including a decline of 7.8% per barrel for RON92, 7.3% for RON95, and 15.7% for diesel.

The ministries said the move is in line with the fluctuation of the prices of the products on the global market, but said it would refrain from using the petrol prices stabilization funds, which have turned negative at 13 fuel distribution companies.

In this price adjustment period, the amount of VND50, VND200, VND300, and VND400 will be deducted from the price of each liter of RON95, of E5 RON92, of kerosene, and of diesel, respectively, for the petrol price stabilization fund.

The environmental protection tax on fuels remains at VND3,800-4,000 per liter and VND1,000-2,000 per liter for oils.

On March 23, the Standing Committee of the National Assembly is set to hold a meeting to discuss the proposal on cutting the environmental tax by half. The move, if approved, would see the fixed tax amount collected on each liter halved by VND2,000 and VND1,000  from April 1.

At present, taxes and fees account for 40-42% of the retail prices of petrol products.

On the global market, prices of crude oil WTI rose by $1.8 to $106.5 per barrel or an increase of 1.72%, and Brent by $1.47 to $109.4, up 1.36%.