Gasoline prices drop to year long low

By Anh Minh December 12, 2022 | 01:23 am PT

An employee pumps gasoline into a car in Ho Chi Minh City on October 21, 2022. Photo by VnExpress/Thanh Tung

Gasoline prices plunged to their lowest point this year on Monday after having fallen by more than a third since June.

The RON95 price dropped 6.6% to VND21,200 ($0.90) per liter, while biofuel E5 RON92 dropped 6.1% to VND20,340.

The price of diesel fell 6.6% to VND21,670.

Global fuel prices have been plunging 6-8% in the last 10 days due to rising concerns of a global recession and weakening demand amid rising U.S. interest rates, according to the Ministry of Industry and Trade and the Ministry of Finance, which are in charge of managing fuel retail prices.

Vietnam gasoline prices recorded strong fluctuations this year. RON95, the most popular gasoline, surged to a new peak of VND32,870 in June amid a global shortage, but has been gradually declining and is now nearly 36% lower.

Imports account for around 30% of Vietnam’s total fuel demand while the country’s two refineries produce 70% of local needs.