Vietnam gasoline price hiked first time after 9 consecutive drops

Retail gasoline prices in Vietnam increased by VND560 ($0.02) a liter on Tuesday, the first hike after nine consecutive drops since late April.

RON 95-III gasoline went down to VND22,000 ($0.92) per liter, while E5 RON 92 hit VND21,290 ($0.89).

Diesel oil climbed by VND1,960 to VND24,160 ($1.01). Kerosene declined by VND1,140 to VND22,820 ($0.95) a liter.

Notably, the new diesel oil price is VND2,160 ($0.09) higher than that for RON 95-III.

As for Tuesday's price cuts, Vietnamese authorities continued to avoid the Fuel Price, Stabilization Fund. Instead, they decreased provisions for the fund, from VND450 per liter to VND400 for RON 95-III gasoline, and decreased the provision from VND400 to VND200 for each liter of E5 RON 92.

The consumer price index (CPI) in September rose 4.01% from December last year, the GSO said. Inflation in the nine-month period was 1.88%.

The country is facing rising inflation pressure following the U.S. Federal Reserve’s interest rate hike on September 21. As a result, the State Bank of Vietnam increased its regulatory interest rates on September 23. The government has been seeking to curb inflation at 4% this year.