22-5-2023 (Hanoi) Vietnam has implemented a slight increase in the retail prices of gasoline and other oil products after three consecutive cuts, as announced by the Ministry of Industry and Trade on Monday.
According to a statement by the trade ministry, gasoline prices have risen by 1.7 percent to 2.3 percent. RON95 bio-fuel now stands at 21,490 Vietnamese dong (equivalent to 0.9 U.S. dollars) per liter, while E5 RON92 is priced at 20,480 dong per liter. Diesel prices have also experienced a slight increase of 1.68 percent, reaching 17,950 dong per liter.
These adjustments, which came into effect at 3:00 p.m. Hanoi time, align with the trends observed in international oil markets. Over the past 10 days, fuel products in these markets have witnessed an increase ranging from 0.7 to 3 percent, as reported by the ministry.
The industry explained that global oil prices have been subject to mixed trading due to uncertainties surrounding factors such as oil output cuts by OPEC+ producers, the U.S. debt ceiling, sluggish industrial activity, and prevailing high-interest rates.
Additionally, concerns regarding persistent inflation and continued monetary tightening by central banks have contributed to the upward pressure on global oil prices, according to the trade ministry.
Following this adjustment, consumers will need to pay an additional 300 dong per liter for fuel products. The funds collected from this price increase will be directed towards the stabilization of fuel prices in the future.
In Vietnam, petrol distributors are permitted to establish a petrol price stabilization fund, which can be utilized to alleviate losses during price fluctuations. (1 U.S. dollar is equivalent to 23,684 Vietnamese dong)
