Gasoline prices drop to 13-month low

1 min readUpdated May 26, 2025Oct 4, 20226:33 AM

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Gasoline prices fell for the ninth time in a row to the same level as August 2021 with a liter of RON95 priced at VND21,440 ($0.9).

The most popular gasoline in Vietnam, accounting for around 60% of sales, declined by 5% from the previous adjustment on Sept. 21.

Biofuel E5 RON92 prices dropped 5.2% to VND20,730. Diesel prices went down 1.47% to VND22,200.

The Vietnam Chamber of Commerce and Industry (VCCI) has recently proposed that the special consumption tax on gasoline be reduced to zero and value-added tax by half to provide positive impacts amid global uncertainties.

Global oil price on Monday climbed 2% toward $82 a barrel on indications the OPEC+ alliance is considering slashing production by more than 1 million barrels a day to revive plunging prices when it meets this week.

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What this means

The sustained decline in Vietnamese gasoline prices, particularly the 5% drop for RON95, presents a clear commercial advantage for retailers by reducing operational overheads and boosting consumer discretionary spending. This local market dynamic contrasts with regional expansion efforts by other brands, which often face fluctuating fuel costs across different Asian markets. However, the imminent OPEC+ meeting, considering over a 1 million barrel per day production cut, poses a substantial risk. If enacted, this will likely cause a sharp rebound in global oil prices, negating current local gains. Retailers should closely monitor the outcome of this week's OPEC+ decision for immediate impact on their supply chains and pricing strategies.

Maria Santos · Retail News Asia newsroom

Questions & Answers

What was the previous price of RON95 gasoline before this recent drop?

The article states RON95 declined by 5% from the previous adjustment. With the current price at VND21,440, the previous price would have been approximately VND22,568, though this exact figure isn't given.

What is the Vietnam Chamber of Commerce and Industry proposing to support the economy?

The VCCI has proposed reducing the special consumption tax on gasoline to zero. They also suggest halving the value-added tax to help mitigate impacts from global uncertainties.

How have other fuel types, besides RON95, been affected by these price changes?

Biofuel E5 RON92 prices dropped by 5.2% to VND20,730. Diesel prices also saw a decrease, going down by 1.47% to VND22,200 per litre.

What is causing global oil prices to rise despite local gasoline price drops?

Global oil prices climbed 2% towards $82 a barrel because the OPEC+ alliance is reportedly considering slashing production by over 1 million barrels a day at their upcoming meeting.

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