Gasoline prices surge 5 pct to historic peak

By Hoai Thu May 11, 2022 | 02:01 am PT

A gas station employee in HCMC’s Tan Binh District updates gasoline prices, May 11, 2022. Photo by VnExpress/Quynh Tran

Vietnam gasoline prices scaled a new record Wednesday after authorities adjusted them upward for the fourth time in a row.

The price of popular gasoline RON 95 and biofuel E5 RON 92 both rose 5.4 percent to VND29,980 and VND28,950, respectively. ($1 = VND23,000)

Kerosine and diesel also cost 4.2 and 5.3 percent more, while that of mazut stayed unchanged.

The price of most premium RON 95-V even topped VND30,580 a liter.

Gasoline prices dropped between March and April 12 as authorities halved environment tax to VND2,000.

But it has been raised for four consecutive times since, surpassing the previous peak reached last March.

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 the uncertain prospect of the Russia-Ukraine conflict, the EU’s embargo on Russian oil, and OPEC’s refusal to increase its output.

Prices of gasoline on the global market have surged by over 8 percent from last week.