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Thursday, June 20, 2024

Local fuel prices surge

By N.Tan

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HCMC – Domestic fuel retail prices were adjusted up by nearly VND1,000 per liter at 7 p.m. yesterday, January 30, according to an announcement jointly released by the ministries of Industry-Trade and Finance.

RON 95-III gasoline, the most popular type of gasoline in Vietnam, is priced at VND23,140 per liter, up by VND990, and E5 RON 92 bio-gasoline is VND22,320 per liter, up by VND970.

Other fuels were also marked up in price. Diesel oil now sells for VND22,520 per liter, up by VND890.

Kerosene and heavy fuel oil prices are now up by VND767 per liter and VND568 per kilogram, respectively.

As the latest fuel price management cycle fell on January 21, or Lunar New Year’s Eve, it should have been postponed until the next cycle on February 1. However, the ministries of Industry-Trade and Finance decided to adjust the fuel prices at 7 p.m. on January 30 at the request of Prime Minister Pham Minh Chinh.

Due to the postponement of the adjustment amid the global fuel price surge, fuel retailers and gas stations had incurred losses, with some being forced to shut down temporarily.

During this fuel price adjustment, the two ministries continued replenishing the fuel price stabilization fund by applying a surcharge of VND200 per liter for all kinds of oil. Meanwhile, gasoline is exempt from the surcharge.

Local fuel traders can tap the fund at VND850 for each liter of E5 RON 92 bio-gasoline sold and VND950 for each liter of RON 95-III gasoline sold.

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