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Tuesday, June 25, 2024

Fuel prices soar to all-time highs

The Saigon Times

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HCMC – Domestic fuel prices soared for the seventh straight time, with effect from 3 p.m. today, March 11, amid global oil market volatility.

The ministries of Industry-Trade and Finance issued a joint statement announcing the price of RON95 gasoline had been revised up by VND2,990 to a record high of VND29,820 per liter and that of bio-fuel E5 RON92 by VND2,910 to VND28,980 per liter.

The prices of other petroleum products were also adjusted up by VND2,500-3,900 per liter or kilogram. Kerosene, diesel oil and heavy fuel oil are now priced at VND23,910, VND25,260, VND20,980, respectively.

Amid the global oil price spike induced by the West’s economic sanctions against Russia for its military attack on Ukraine, the ministries decided, during this fuel price adjustment, not to impose a fuel surcharge used to to replenish the national fuel price stabilization fund.

Instead, they allowed fuel traders to tap this fund at VND750 for each liter of bio-fuel E5 RON92 sold, VND1,000 for each liter of RON95 petrol, VND1,500 for each liter of diesel oil and VND300 for each liter of kerosene.

Compared to December last year, each liter of RON95 rose by VND7,020 per liter, and those of bio-fuel RON92, diesel, kerosene, and heavy fuel oil leapt by VND6,900, VND7,930, VND7,590, VND5,240, respectively.

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