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Sunday, October 2, 2022

Local fuel price increases sharply

The Saigon Times

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HCMC – Gasoline and oil prices were revised upward sharply starting at 3 p.m. today, February 11, according to an announcement jointly released by the Industry and Trade and Finance ministries.

The price of bio-fuel E5 RON92 soared VND980 per liter to VND24,570, while RON95 gasoline is now priced at VND25,320 per liter, up VND960.

The retail prices of oil products also inched up VND660-960 per liter. Among them, the prices of diesel oil and kerosene both surged by VND960 per liter to VND19,860 and VND18,750. Heavy fuel oil rose VND660 per kilogram to VND17,650.

During this fuel price adjustment, the ministries decided not to impose a surcharge on bio-fuel E5 RON92, diesel oil, and kerosene to replenish the national fuel price stabilization fund. Meanwhile, the surcharges on each liter of RON95 petrol and each kilogram of heavy fuel oil sold to customers were VND50 and VND300, respectively.

Further, local fuel traders were allowed to tap the fund at VND200 for each liter of bio-fuel E5 RON92 sold to customers, VND400 for each liter of diesel oil, and VND100 for each liter of kerosene.

Earlier, the local fuel prices had been adjusted upward for three consecutive times.

This fuel price adjustment was 10 days later than usual. It was rescheduled from February 1, which fell on the first day of the lunar year, to today as regulated by Decree 95 on fuel trading.

The fuel supply in the local market is volatile. The Nghi Son Refinery and Petrochemical LLC cut the output of its refinery since the end of last month due to financial difficulties and has yet to resume operations at full capacity. Also, many local gas stations have suspended operations due to low inventories, but some were reportedly found to have hoarded petrol to resell at higher prices.

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