Tuesday , February 27 2024

Gasoline prices surge to three-month high

Gasoline prices on Friday surged to the highest since April 21 after staying flat for almost three weeks.

The popular gasoline RON95 saw price rising 6.05% to VND22,790 ($0.96) per liter.

Biofuel E5 RON92 went up 5.98% to VND21,630.

Diesel was 4.78% higher at VND19,500.

The Ministry of Finance and Ministry of Industry and Trade said that prices went up as global rates have increased in the last 10 days.

Declining crude oil reserve in the U.S. crude oil reserve and increasing oil imports in China have caused prices to rise, along with the fact that the U.S. Federal Reserve is set to pump its policy rates by 0.25 percentage points to 5.5% next week.

RON92 cost 8.6% more globally at $93,120 per barrel, while RON95 price went up nearly 7.9% to $98.92.

Diesel was 6% more expensive at $97,611.

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