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Saturday, July 13, 2024

Vietnam fuel prices rise

The Saigon Times

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HCMC – Gasoline and diesel oil prices in Vietnam edged up sharply today, July 21, according to an announcement jointly issued by the ministries of Industry-Trade and Finance.

RON 95-III gasoline increased by VND1,300 to VND22,800 per liter, while E5 RON 92 bio-gasoline inched up VND1,220 to VND21,640 per liter.

Diesel oil now costs VND19,500 per liter, up by VND880, and kerosene surged by VND870 to VND19,200 per liter.

Heavy fuel oil price is set at VND15,700 per kilogram, up by VND440.

During this fuel price adjustment, no surcharge was imposed on any type of gasoline or oil products. Local fuel traders are not permitted to tap the fuel price stabilization fund.

The ministries attributed the increases to the impacts of the reduction in crude oil reserves in the U.S. on the international fuel market, a substantial increase in China’s crude oil imports, and the Federal Reserve’s plans to raise interest rates by 0.25 percentage points to 5.25%-5.5%.

As a result, the average cost of petroleum products worldwide has risen by between 3.8% and 8.6%.

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