Specifically, RON95-III is now capped at VND19,900 per litre, down VND1,210 from the previous week. E5 RON 92 also dropped by VND1,090 to a maximum price of VND19,440 per litre.

Oil prices followed suit, with diesel decreasing by VND940 to VND18,400 per litre, and kerosene falling by VND930 to VND18,130 per litre. Mazut 180CST 3.5S also saw a notable drop of VND1,150 per kilogram, now priced at no more than VND15,800 per kilogram.

So far in 2025, petrol prices have been adjusted 26 times, including 11 increases. This marks the second consecutive week of price reductions, coinciding with the nationwide implementation of a 2% value-added tax (VAT) cut that took effect on July 1.

Early on July 3, global crude oil prices saw a sharp increase across trading platforms such as Trading Economics and Oilprice.

WTI crude was traded at US$67.28 per barrel, up by US$1.80, or a 2.8% daily increase and the highest gain in the past two weeks. Meanwhile, Brent sweet crude was priced at US$68.80 per barrel, rising by US$1.70, equivalent to a 2.55% increase.

Trading Economics noted that Brent crude futures hovered around US$$67.20 per barrel on July 1, reflecting volatility as investors awaited the upcoming production decision from OPEC+.

The OPEC+ group is expected to raise its production quota by an additional 411,000 barrels per day in August, continuing the increases already implemented in May, June, and July. The total output rise for 2025 is projected to reach 1.78 million barrels per day, more than 1.5% of global demand.

Petrol prices drop nationwide from July 1 due to VAT reduction

VOV.VN - Petrol prices across Vietnam have been reduced following the implementation of a 2% value-added tax (VAT) cut, starting July 1.