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Friday, July 19, 2024

Fuel prices hit all-time highs

The Saigon Times

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HCMC – Traders revised up fuel prices to all-time highs beginning 3:00 p.m. today following a decision to this effect jointly issued by the ministries of Industry-Trade and Finance. The premium gasoline RON95-III now sells for VND31,573 a liter, a spike of VND920 from the previous level.

Other oil products were correspondingly priced higher. E5RON92 rose by VND600 to VND29,639 a liter, while diesel oil leapt by VND840 to VND25,550.

Kerosene is now priced at VND25,340 a liter, or VND940 higher, while fuel oil rose by a slight VND310 to VND20,900 a kilo.

In this periodical fuel price review, the ministries deeply tapped the fuel price stabilization fund and did not impose the surchage on petrol products to replenish the fund as usual so as to harness the price spike, despite the strong price surge on the global market. Specifically, the ministries allowed oil traders to tap VND100 from the fund for each liter of E5RON92 sold, and VND500 for RON95.

Domestic fuel prices have increased strongly this year, with the price spike recorded as the strongest in the past eight years. The prices have been revised up for five periodical price review periods, hitting the new record now.

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