Vietnam fuel prices same as global average: ministry

By Anh Minh May 31, 2022 | 10:27 pm PT

A staff make changes to the gasoline price tag at a station in Ho Chi Minh City on May 23, 2022. Photo by VnExpress/Quynh Tran

Vietnamese gasoline prices are the same as the global average but lower than in China, Thailand and South Korea, the Ministry of Industry and Trade has said.

On May 11 the popular RON95 fuel cost VND29,988 per liter at the pump, or US$1.29, the same as the average of 170 countries, it said in a recent report.

Vietnam was in 86th place globally in terms of gasoline prices at that time.

The price was $1.35 in China, $1.43 in Thailand, $1.39 in Cambodia, and $1.53 in South Korea.

On Wednesday morning it was over VND30,000 in Vietnam and could rise to VND31,000 by the end of the day since global rates are now at a two-month high, industry insiders said.

Prices have been rising relentlessly since the beginning of this year first due to falling supply as one of its two refineries had to cut production due to a cash crunch and then because of the Ukraine war.