Update on gasoline and oil prices on April 15: World oil prices reverse to increase

At 6:11 PM on April 15, WTI oil price was at 92.57 USD/barrel, up 1.29 USD/barrel, equivalent to an increase of 1.41%. Brent oil was at 96.10 USD/barrel, up 1.31 USD/barrel, equivalent to an increase of 1.38%.

Oil prices increased by more than 1% because transportation through the Strait of Hormuz is still limited, overwhelming expectations of new negotiations between the US and Iran to end the war in the Middle East.

In the price adjustment session last week, the world gasoline and oil market was affected by key factors such as: Military conflict between the US, Israel and Iran; temporary ceasefire between the US and Iran; military conflict between Russia and Ukraine still taking place...

On the morning of April 12, the National Assembly passed a Resolution on environmental protection tax, value-added tax (VAT), special consumption tax on gasoline, oil and aviation fuel. Accordingly, environmental protection tax on gasoline (excluding ethanol), diesel oil, aviation fuel, kerosene and mazut oil is reduced to 0 VND. Special consumption tax on all types of gasoline is also reduced to 0%. Gasoline, diesel oil and aviation fuel are not subject to VAT declaration and payment but are still subject to input deductions. This policy applies from April 16 to June 30.

Tax reduction is considered to help cool down gasoline and oil prices, thereby reducing production and transportation costs, helping to stabilize the price level, stimulate consumer demand, and support production and business, thereby promoting economic growth.

Assessing the reduction of gasoline and oil taxes to 0, Mr. Bui Ngoc Bao - Chairman of the Vietnam Petroleum Association - said that for manufacturing enterprises, especially industries that use a lot of fuel such as transportation, logistics, mining or industrial production, the benefits are quite clear.

Mr. Bao analyzed that fuel costs often account for a large proportion of the total input costs of many businesses. When gasoline prices decrease thanks to tax policies, businesses can reduce operating costs, thereby improving profit margins and enhancing competitiveness.

Reduced fuel prices will help businesses reduce cost pressure, creating conditions to stabilize production and business operations, especially in the context that market demand has not fully recovered," Mr. Bao said.

On April 15, 2026, domestic gasoline and oil prices will be applied at:

- E5RON92 gasoline: not higher than 22,344 VND/liter, lower than RON95-III gasoline by 1,199 VND/liter;

- Gasoline RON95-III: not higher than 23,543 VND/liter;

- Diesel oil 0.05S: not higher than 32,969 VND/liter;

- 180CST 3.5S fuel oil: not higher than 22,613 VND/kg.