Gasoline prices up after two drops since October 2

Gasoline prices in Vietnam increased by VND460-470 (1.9 U.S cents) per liter and those of oil products by VND70-380 (1.5 U.S cents) per liter, starting at 3 p.m. Monday.

Earlier, the prices recorded two consecutive decreases on October 2 and October 11.

The latest price adjustments were made jointly by the Ministry of Industry and Trade and the Ministry of Finance.

Accordingly, the price of RON 95-III gasoline went up VND470 per liter to VND23,510 ($0.96); and that of E5 RON 92 by VND460 per liter to VND22,360 ($0.91).

Diesel and kerosene prices jumped VND70 and VND290 to VND22,480 ($0.91) and VND22,750 ($0.92) per liter respectively, while that of mazut rose VND380 to VND16,610 ($0.67) per kilogram.

For the latest price adjustments, the ministries continued to not deduct prices of different types of gasoline and oil for the national gasoline price stabilization fund and refrain from using the fund.

Since the beginning of the year, domestic fuel prices have seen 30 adjustments, including 17 increases, nine decreases and four unchanged.

According to the two ministries, prices in the world petroleum market have climbed in the past 10 days due to the escalating Israel-Hamas conflict. Iran, an OPEC member, called for an oil embargo on Israel because of the conflict and U.S. crude oil and fuel inventories have fallen on increasing heating demand.

The average price of RON 92 rose by 2.2% to $94.02 per barrel, while that of RON 95 was $98.95 per barrel, up 2%. The prices of diesel and kerosene also rose by 0.03-1.35% to $114.49 to $114.84 per barrel, respectively.

Vietnam’s consumer price index (CPI) in September rose 1.08% from August due to higher prices of fuel, rice, and house rents, according to the General Statistics Office. The CPI was up 3.12% over December 2022 and 3.66% over September 2022, all below the target of 4.5% for this year. Core inflation rose 0.26% from a month ago and 3.8% from a year ago.