Gasoline prices surge to another new record

By Anh Minh June 1, 2022 | 01:11 am PT

A gas station employee in Hanoi updates gasoline prices, June 1, 2022. Photo by VnExpress/Ngoc Thanh

Vietnam's gasoline prices set yet another record Wednesday after authorities adjusted them upward for the fifth consecutive time in less than two months.

The price of popular RON 95 rose by 3 percent to VND31,570 ($1.36) a liter, while that of biofuel E5 RON 92 surged 2 percent to VND30,230.

Prices of other fuels, including kerosine, diesel and mazut, also climbed by 1.5-3.7 percent.

Gasoline prices in Vietnam have skyrocketed by over 30 percent since the beginning of this year, despite some downward adjustment in March and April following the environmental tax cut.

The tax, previously a flat VND4,000 on gasoline, was halved on April 1.

On the global market, oil prices have been surging by around 5 percent over the last week, trading at over $116 a barrel Wednesday afternoon.

Vietnam authorities make gasoline price adjustments on the first, 11th and 21st day of the month; therefore, changes follow global movements after a certain delay.