Gasoline prices soar to yet another peak

By Hoai Thu March 1, 2022 | 05:13 am PT

A gas station employee in HCMC’s Tan Binh District updates gasoline prices, Mar. 1, 2022. Photo by VnExpress/Quynh Tran

Vietnam gasoline prices set a new record Tuesday after authorities adjusted them upward for the sixth time in less than three months.

The price of popular gasoline RON 95 and biofuel E5 RON 92 both rose 2.1 percent to VND26,830 and VND26,070, respectively. ($1 = VND22,820)

The prices of other fuels, including kerosine, diesel and mazut also climbed 2.4 to 2.9 percent.

The latest prices topped the previous peak reached in July 2014. Tuesday’s was the sixth hike since December 10, 2021 with no downward adjustments in between.

Compared to last December, RON 95 gasoline prices are already up 15 percent, or VND4,030, while that of biofuel has risen by 15.3 percent, or VND3,990.

The Ministry of Industry and Trade and the Ministry of Finance, which are responsible for regulating gas prices, have attributed the increase in domestic prices to a 2.7 to 3.75 percent increase in global prices for refined petroleum products.

Global crude oil prices also reached their highest since 2014, as the Russian-Ukraine crisis threatened to disrupt global supply even as demand recovered from Covid-19 lows.

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

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