Gasoline price hits new record high

Retail gasoline prices in Vietnam increased by VND500 to nearly VND33,000 ($1.42) per liter Tuesday afternoon, a record high.

E5RON92 bio-gasoline increased by VND185 to a maximum VND31,302 ($1.35) per liter.

With an additional VND500, the price of RON95 went up to VND32,873 ($1.42) per liter.

The prices of diesel 0.05S and kerosene respectively rose by VND999 and VND946 to VND30,019 and VND28,785 per liter.

This is the seventh price increase in a row since April 21, 2022.

Rising fuel and raw material prices drove up Vietnam's consumer price index in May by 0.38% against April, and 2.86% year-on-year, according to General Statistics Office.

HSBC last week stated that the inflation in Vietnam remains under control. The bank revised down its forecast on the country's inflation this year to 3.5% from the 3.7% it predicted in May due to stable domestic food prices.

While the current inflation rate remains below the State Bank of Vietnam's 4 percent target, the bank expects persistent high energy prices will continue to push overall prices up.