Vietnam’s gasoline prices climbed to a new peak on Tuesday afternoon as authorities adjusted them upward for the sixth time in a row.

The price of gasoline E5RON92 leapt VND540 to VND26,070 per litter, while that of RON95-III increased VND550 to VND26,830 per litter from 3:00 pm on Tuesday, following a notice released by the Ministry of Finance and the Ministry of Industry and Trade. (US$1 = VND22,815)

Oil products, meanwhile, jumped VND470-530 for each liter sold. 

These prices surpassed the previous peak reached in July 2014. 

Tuesday’s adjustment was the sixth consecutive fuel price hike since the beginning of this year.

Under a new government decree on petroleum business that took effect on January 2, 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.

The fuel price adjustment on February 1 was skipped as it was the first day of the recent Lunar New Year holiday.

Fuel prices in Vietnam have gone in line with the global trend, which has been strongly influenced by Russia's military attack on Ukraine.

Global oil rates topped $100 per barrel last week and is forecast to continue to edge higher. 

Vietnamese Prime Minister Pham Minh Chinh has asked the Ministry of Finance to study and amend the environmental protection taxes on oil and gas products as a temporary measure to stabilize fuel prices in the near future, thus preventing their adverse impacts on businesses and citizens.

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