Vietnam’s petrol prices were adjusted up for the second time this month on Tuesday, according to an announcement jointly released by the Ministry of Industry and Trade and the Ministry of Finance.

The price of the popular RON95 gasoline stands at VND24,240 (US$1.03) per liter, soaring VND1,120 per liter, while biofuel RON92 costs VND23,170 ($0.99) per liter, up VND1,090 a liter.

Oil products also had their prices revised during this fuel price adjustment.

Specifically, diesel oil now sells for VND20,140 ($0.86) per liter, up VND710, while the price of kerosene is capped at VND19,730 ($0.84) per liter, rising VND700.

The price of heavy fuel oil picked up VND720 per kilogram at VND15,190 ($0.65).

The two ministries decided not to allow fuel traders to tap the fuel price stabilization fund, while charging buyers to replenish the fund.

Biofuel RON95 is subject to a surcharge of VND150 for each liter sold, while the extraction level of each liter of RON95 gasoline, kerosene, and diesel oil sold is VND300.

On April 3, the price of the popular RON95 gasoline was adjusted up VND87 per liter at VND23,125 ($0.98) per liter, while the price of biofuel RON92 edged up VND60, at VND22,082 ($0.94) a liter.

Since the start of the year, gasoline prices have been adjusted 11 times, with seven increases and three cuts.

The spike in fuel prices is expected to prompt fuel distributors to cut discounts for retailers, leading to a supply shortfall. 

Many fuel retailers and traders said that over the past few days, their purchase of fuels has been limited as the discount for them was set at a low level.

Despite the adequate supply of fuel in the local market, low discounts discouraged retailers from filling up their tanks, and many have incurred losses.

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