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Vietnam’s gasoline prices inch up

Vietnam’s gasoline prices inch up

Monday, April 03, 2023, 21:00 GMT+7
Vietnam’s gasoline prices inch up
A photo shows a Petrolimex employee refilling a motorcycle at a gas station in Vietnam. Photo: T.B.D. / Tuoi Tre

Vietnam’s petrol prices were revised up slightly at 3:00 pm on Monday by the Ministry of Industry and Trade and the Ministry of Finance.

The popular RON95 gasoline sells for VND23,125 (US$0.98) per liter, a mild rise of VND87, while the price of bio-fuel RON92 edged up VND60, at VND22,082 ($0.94) a liter.

Diesel oil is priced at VND19,430 ($0.83) per liter, up VND128, while the prices of kerosene and heavy fuel oil fell.

Each liter of kerosene is capped at VN19,037 ($0.81) per liter, down VND425, and each kilogram of heavy fuel oil costs VND14,429 ($0.61), a mild decline of VND50.

During this fuel price adjustment, the two ministries decided to impose a surcharge of VND300 on each liter or kilogram of oil and gasoline products sold to replenish the national fuel price stabilization fund.

Meanwhile, local fuel traders are not allowed to tap the fund.

Since the start of the year, petrol prices have been adjusted 10 times, with six increases and three cuts.

The Ministry of Industry and Trade said that it is working to amend some regulations related to Decree 95 and Decree 83 on fuel trading and price management, and will submit a report to the national government as soon as possible.

Pursuant to Government Decree 95 amending and supplementing certain articles of Decree 83/2014, the prices of oil and petrol products are adjusted three times a month, with the 10-day adjustment cycle starting on the first day of the month.

If adjustment dates fall on holidays and weekends, the revision will be done on working days.

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Tieu Bac - Ngoc An / Tuoi Tre News

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