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Monday, June 24, 2024

Fuel prices surge after four cuts

The Saigon Times

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HCMC – Fuel prices, having dropped four times in a row, rose today, October 11, amid a domestic supply shortfall in many parts of the nation.

The prices of RON 95-III gasoline and E5 RON 92 bio-gasoline are up by some VND560 to VND22,000 and VND21,290 per liter, respectively.

Diesel oil now sells for VND24,180, up VND1,960, and kerosene is priced at VND22,820, rising by VND1,140. Meanwhile, heavy fuel oil prices remain unchanged at VND14,090 per kilogram.

According to the Ministry of Industry and Trade, the price surge resulted from the Organization of the Petroleum Exporting Countries (OPEC+) announcing to slash output, affecting Vietnam’s fuel supply. 

The OPEC+ cut one million barrels per day until November, doubling the estimated figures, while the world oil production is expected to be reduced by two million barrels a day in the coming time.

To support consumers, the Ministries of Finance and Industry-Trade decided to reduce surcharges to replenish the stabilization fund of bio-fuel E5 RON 92 and RON95 at VND200 and VND400 per liter.

The surcharge for heavy oil was also cut to VND708 per kilogram, while diesel oil and kerosene were free of charge.

Recently, many gas stations in southern provinces have run out of stock due to fuel transport disruptions and retailers’ refraining from placing new orders due to losses from higher operating costs and no distributor discounts.

On October 10, the HCMC market surveillance agency reported that 121 gas stations temporarily closed due to the supply disruptions caused by reduced imports.

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