Vietnam gasoline prices up for 7 straight times in two months

Retail gasoline prices in Vietnam were raised by VND140-630 ($0.03) per liter on Thursday, the seventh hike since July 21.

RON 95-III gasoline rose VND870 to VND25,740 ($1.06) per liter, while E5 RON 92 hit VND24,190 ($1), up VND720.

The price of diesel rose VND540 to VND23,590 ($0.97) a liter, but kerosene went up VND630 to VND23,810 ($0.98) per liter. Mazut oil inched up VND140 to VND17,840 ($0.73) 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. However, they increased spending from this fund to curb the price hikes of some commodities.

Since the beginning of the year, domestic fuel prices have seen 27 adjustments, including 16 increases, seven declines and four unchanged. The prices of RON 95-III and E5 RON 92 are now VND3,400 ($0.14) and VND3,300 ($0.14) more expensive than in the year outset, respectively.

According to the ministries, the world petroleum market in the past 10 days soared due to increased demand while OPEC + (including OPEC members plus other oil-producing countries) restrained supply and tightened the market

The average price of RON 92 increased by nearly 4.7% to $107.95 per barrel; while that of RON 95 hit $114.02 per barrel, up 4.6%. Oil products also rose 1.8-3.4%, ranging from $124.06 to $124.57 per barrel.

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.