Oil and gas prices in Vietnam decreased scantily following a regular adjustment on Monday afternoon, having climbed to an all-time high given seven price hikes in a row this year.
The price of a liter of the E5RON92 gasoline dropped VND650 to VND28,330 while that of RON95-III shrank VND630 to VND29,190, the Ministry of Finance and the Ministry of Industry and Trade stated in an announcement. (US$1 = VND22,875)
Diesel oil went from VND25,268 a liter to VND23,638, while kerosene dropped from VND23,918 per liter to VND22,248 per liter.
The price adjustment followed the global downtrend over the past 10 days, with crude oil falling to as low as $100 a barrel.
After six consecutive price rises since the beginning of this year, the seventh time saw a record price of nearly VND30,000 on March 11.
Following the drop on Monday, residents and businesses are expecting that fuel prices will further reduce in the coming time thanks to a cut in environmental protection tax on fuel products.
The National Assembly Standing Committee is slated to review and pass a resolution on the environmental protection tax rate on oil and gas during its session on March 23.
The resolution, which will take effect until December 31, is anticipated to promulgate a 50-percent cut in the tax.
Accordingly, the environment tax on gasoline and on diesel fuel and lubricants would be reduced by half to VND2,000 and VND1,000 per liter, respectively.