The Ministry of Industry and Trade and the Ministry of Finance announced a sharp increase in retail fuel prices on Friday afternoon, in the context of the mass closures of many filling stations across Vietnam as a consequence of a supply shortage and their poor business.

The higher prices have been applicable from 3:00 pm the same day after the two ministries had made no price adjustments for more than 20 days.

Accordingly, the E5RON92 gasoline price spiked by VND980, from VND23,590 to VND24,570 per liter while RON95-III gasoline rates increased by VND960, from VND24,360 to VND25,320 per liter. (US$1 = VND22,682)

Oil products, meanwhile, also jumped by VND660-960 for each liter sold. 

This is the third time gasoline prices in Vietnam have risen following the global trend since the beginning of this year and the implementation of a new government decree on petroleum business. 

The decree, which took effect on January 2, stipulates that fuel prices are adjusted three times on the first, 11th, and 21st day every month, or on a 10-day cycle instead of 15 days like before.

As February 1 was the first day of the recent Lunar New Year holiday, no fuel price adjustments were made, with the announcement of the newest rates delayed until Friday.

Fuel businesses have blamed the production cut by Nghi Son Refinery and Petrochemical complex in north-central Thanh Hoa Province and their poor business for the decision to close filling stations en masse over the past few days.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!