Gasoline prices hit year-high in Vietnam

By Hoai Thu December 20, 2016 | 01:10 am PT

A man has a refill in Hanoi. Photo by VnExpress

This is the 13th time fuel costs have gone up this year, compared to 10 price cuts.

Vietnam’s gasoline prices reached a record high for the year on Tuesday after a 5.5 percent hike.

The ministries of finance and industry raised the price of RON 92, the country’s most popular fuel, to VND17,594 (77 cents) a liter, while its biofuel alternative E5 is now selling for VND17,322 (76 cents) a liter.

The cost of diesel and other forms of oil products were also bumped up, with the ministries blaming rising global prices.

This is the 13th hike this year, compared to 10 price cuts.

Vietnam imported 10.6 million tons of fuel worth $4.3 billion in the first 11 months of this year, up 17 percent in volume but down 12.7 percent in value from a year ago, according to the General Statistics Office. Singapore was the top supplier, exporting 3.73 million tons to Vietnam, followed by Malaysia and South Korea.

> Vietnam's gasoline price climbs to six-month high