Gasoline prices rise after nearly 3 months of decline

Name: Gasoline prices rise after nearly 3 months of decline
Uploaded: 2022-10-11T16:28:33+07:00
Duration: 55 s
Description: For the first time in nearly three months, RON95 gasoline prices increased by 2.6% after retailers repeatedly complained that the low retail price caused them to sell at a loss.

By Anh Minh October 11, 2022 | 01:28 am PT

Customers buy gasoline at a fuel station in Ho Chi Minh City on October 11, 2022. Photo by VnExpress

For the first time in nearly three months, RON95 gasoline prices increased by 2.6% after retailers repeatedly complained that the low retail price caused them to sell at a loss.

Starting 3 p.m. Tuesday, RON95 was sold at VND22,000 ($0.92) per liter, ending a chain of nine consecutive decreases. It is now at the same level as December last year.

Biofuel E5 RON92 prices inched up 2.7% to VND21,290.

Diesel prices surged 8.8% to VND24,160 per liter, returning to the levels recorded in April.

The Ministry of Industry and Trade and Ministry of Finance acknowledged higher fuel transportation costs Tuesday to reflect it in the retail price. It went up 16% for E5 RON92, and 33% for RON95.

The price increase came as 121 fuel stations in Ho Chi Minh City were running out of fuel as of Monday, while other southern localities like Binh Duong, Dong Nai, Binh Phuoc, Kien Giang and An Giang were also recording supply shortages.

The Ministry of Industry and Trade, however, said that the gasoline shortage was not widespread because there was a total of 17,000 gas stations in the country and just over 100 were running short.

Fuel supplier PVOil has increased its supply by 30% in the last two days to reduce the shortage.

At the time of publishing many fuel stations in HCMC were still crowded with customers waiting to buy gas.

In Hanoi, queues were seen at some stations before the price adjustment took effect.

Fuel shortage causes arguments, frustration at HCMC gas stations on October 11, 2022. Video by Tuan Viet, Vu Thinh