Vietnam increases gasoline, oil prices over global shortages
The prices of gasoline increased VND20-40 (0.08-0.16 U.S. cents) per liter and that of oil products rose VND320-380 (1.3-1.6 U.S. cents), starting 3 p.m. Thursday.
Under a joint decision by the Ministry of Industry and Trade and the Ministry of Finance, the prices of RON 95-III gasoline inched up VND20 to VND21,930 ($0.9) per liter; and that of E5 RON 92 up VND40 to VND21,040 ($0.86) per liter.
An employee changes gasoline prices on a gas station board. Photo courtesy of Vietnam government portal.
Kerosene and diesel prices increased VND380 and VND340 per liter to VND20,330 ($0.83) and VND19,700 ($0.81), respectively.
The price of mazut climbed VND320 per kilogram to VND15,810 ($0.65).
In the latest price adjustments, the ministries continued to hold back on using the national gasoline price stabilization fund.
Since the beginning of 2023, domestic fuel prices have seen 39 adjustments – 19 upward, 14 downward and five unchanged.
According to the ministries, the world fuel market in the past week saw mixed developments due to supply shortages in Libya, continuing tensions in the Middle East and lower-than-expected U.S. crude oil reserves.
The price of RON 92 gasoline hit $87.14 per barrel, down 0.4%, while that of RON 95 increased by 0.1% to nearly $91.34 per barrel. Similarly, diesel and kerosene prices went up 1.7-1.8% to $98.5 and $100.75 per barrel, respectively.
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