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Gasoline prices reach new historic peak in Vietnam

By Hoai Thu   February 21, 2022 | 04:45 am PT
Gasoline prices reach new historic peak in Vietnam
A sign at a District 3 gas station in HCMC says sales have been stopped temporarily in order to update price information on the electronic board, Feb. 21, 2022. Photo by VnExpress/Quynh Tran
Vietnam gasoline prices climbed to a new peak Monday after authorities adjusted them upwards for the fifth time in a row.

The price of popular gasoline RON 95 rose 3.79 percent to VND26,280, while that of biofuel E5 RON 92 rose 3.9 percent to VND25,530.

These prices topped the previous peak reached in July 2014. Monday’s was the fifth hike in a row since December 10, 2021.

The Ministry of Industry and Trade and the Ministry of Finance, which are responsible for regulating gas prices, said the gasoline components’ prices have risen by nearly 6 percent from February 11 until now.

Meanwhile, global crude prices dropped marginally as news of fresh diplomatic efforts to resolve the Ukraine crisis soothed some concerns over supply.

Vietnamese authorities make gasoline price adjustments on the 1st, 11th or 21s day of the month; therefore, changes follow global movements after a delay.

The country imported 6.96 million tonnes of oil and gasoline last year, down 15.5 percent from 2020, according to Vietnam Customs.

 
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