In order to keep abreast of global petrol prices, the ministries of Industry and Trade and Finance decided to continue reducing retail fuel prices from 3 p.m. on December 21, but the reduction level is extremely low.
The ministries of Industry and Trade and Finance, on the afternoon of December 12, reduced the retail gasoline prices in the domestic market for a third consecutive time to just above VND20,000 per liter - the lowest price in the year.
The prices of petrol products in Vietnam soared sharply on the afternoon of May 11, with an increase of about VND1,500 (US$0.065) per liter, so it sent the retail gasoline prices in the domestic market back to near VND30,000 ($1.3) per liter.
Retail gasoline prices in the domestic market continued to climb by more than VND500 per liter on the afternoon of March 1, the sixth consecutive increase and the fifth increase in a row in 2022. Currently, the selling prices of both RON 95 and E5 RON 92 gasoline are at historic highs.
After climbing for five consecutive times, the ministries of Industry and Trade and Finance, on November 25, decided to lower retail gasoline prices. However, the prices of RON95 and E5 RON92 gasoline remain at a high level.
Retail petrol prices rose by more than VND300 per liter from 3 pm on January 26, the fifth increase in a row, following the latest review by the Ministry of Industry and Trade and the Ministry of Finance.