Friday , March 1 2024

Gasoline prices hiked 3rd consecutive time

Vietnam increased the RON95 gasoline price by 1.8% Tuesday to VND22,750 ($0.91) per liter, the third hike since Oct. 11.

E5 RON 92 prices were hiked 1.77% to VND21,870. Diesel prices went up 1.17% to VND25,070.

The Ministry of Industry and Trade and the Ministry of Finance, which are both responsible for regulating the fuel market, agreed to acknowledge a higher transportation cost on fuel and reflect it in retail prices.

In recent days several fuel stations in Hanoi and Ho Chi Minh City continued to put up “out of gasoline” signs. Some stations in Hanoi only refuse to pump gas for cars, blaming limited inventory.

Domestic refineries, which supply 70% to 80% of fuel needs, were running at full capacity.

Vietnam’s refined fuel imports in the first 10 months of 2022 rose 22.8% from a year earlier to 7.13 million tonnes, but costs rose 123.8% to $7.37 billion, Reuters quoted official data.

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