Vietnam gasoline prices on Thursday afternoon dip to the lowest since March 5, declining for the fifth session in a row.

The most popular fuel RON95 fell 0.69% to VND22,880 (US$0.87) per liter.

Biofuel E5 RON92 fell 0.45% to VND21,830. Diesel declined 4.17% to VND26,690.

Globally the petroleum market over the past two days continued to be affected by the Middle East conflict, as peace negotiations between the United States and Iran have yet to show progress and tensions have escalated in the Strait of Hormuz, according to the Ministry of Industry and Trade and Ministry of Finance. RON95 has risen 0.5% while diesel has fallen 3.8% globally.

An employee refills a car at a fuel station in HCMC. Photo by VnExpress/Quynh Tran

The government has scrapped as environmental protection tax, special consumption tax, and value-added tax on gasolines to control prices.

Import tariffs on petroleum and blending materials are currently at 0%, but this measure will expire on April 30. The Ministry of Finance is proposing to extend the tax reduction until June 30.