Vietnam gasoline prices raised for sixth time since July 21

Retail gasoline prices in Vietnam were raised by VND140-270 ($0.01) per liter on Tuesday, the sixth hike since July 21.

RON 95-III gasoline rose VND270 to VND24,870 ($1.03) per liter, while E5 RON 92 hit VND23,470 ($0.98), up VND140.

The price of diesel decreased by VND290 to VND22,640 ($0.94) a liter, but kerosene went up VND510 to VND22,810 ($0.95) per liter. Mazut oil fell VND280 to VND17,700 ($0.74) per kilogram.

For this price adjustment, the Ministry of Industry and Trade and the Ministry of Finance decided to maintain the level of deductions from different types of gasoline and oil for the national gasoline price stabilization fund.

According to the Ministry of Finance, as of July, the fund had a surplus of VND7.44 trillion ($309.2 million), so regulators decided to stop deductions at the beginning of July.

Global oil prices in the past half a month have increased sharply over concerns about tighter supplies if Russia intends to extend its output reduction for export.

The price of RON 92 increased by nearly 0.5% to $103.25 per barrel and that of RON 95 was $109.23, up 0.7%. Kerosene also gained nearly 2% to $118.82 per barrel. Meanwhile, Mazut oil saw a decrease of 2.54% to $530.47 per kilogram.

Vietnam’s consumer price index (CPI) in August rose 0.88% from July due to higher prices of fuel and rice as well as higher house rents in line with stronger demand, says the General Statistics Office (GSO).

The CPI was up 2.02% over December 2022 and 2.96% over August 2022. The 2.96% record is still below the target of 4% for this year.

Core inflation rose 0.32% from a month ago and 4.02% from a year ago.