Friday , June 21 2024

Gasoline prices surge amid higher global rates

Vietnam’s RON95 gasoline price rose VND990 to VND23,140 ($0.99) per liter while that of E5 RON 92 hiked VND970 to VND22,320 on Monday night.

Diesel prices increased by VND890 to VND22,520 per liter and mazut oil prices surged by VND570 to VND13,930 per kilogram.

Oil prices rose about 2% last Thursday on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive U.S. economic data, according to CNBC.

Brent futures rose $1.35, or 1.6%, to settle at $87.47 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 86 cents, or 1.1%, to settle at $81.01.

Some gasoline stations in Hanoi and Hai Phong City ran out of stocks last week, causing inconvenience to people, who have to drive around and fill elsewhere.

During the seven-dayTet holidays which began January 20, several stations in Ho Chi Minh City and An Giang Province also shut down.

According to market management statistics, about a dozen gas stations in Ho Chi Minh City closed during Tet.

But the HCMC Directorate of Market Surveillance claimed that only a few out of the over 550 stations in the city shut down and only because their staff left for their hometowns for the holidays.

Fuel supply remains steady, it added.

Some gas stations have been fined for selling at higher prices and shutting down without an appropriate reason.

The country’s largest refinery, Nghi Son, cut production by 25% earlier this month due to a technical issue, which it fixed by January 15.

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