The Agency for Domestic Market Surveillance and Development, operating under the Ministry of Industry and Trade, declared that starting from the afternoon of June 19, there has been a significant increase in domestic retail fuel prices across all product categories.
This adjustment was made by the Ministry of Industry and Trade in collaboration with the Ministry of Finance.
The increase in this pricing period ranges from VND1,169 to VND1,456 per liter (or kilogram), with diesel experiencing the highest rise. This marks the third consecutive price hike since the beginning of June, taking place amid ongoing volatility in global fuel prices.
As per the urgent dispatch No. 4443/BCT-TTTN released by the Ministry of Industry and Trade on the same day, the updated maximum retail prices for fuel products are as follows:
- E5 RON92 gasoline is now priced at VND20,631 per liter, an increase of VND1,169.
- RON95-III gasoline is capped at VND21,244 per liter, up by VND1,277.
- Diesel 0.05S is limited to VND 19,156 per liter, reflecting an increase of VND1,456.
- Kerosene is set at a maximum of VND18,923 per liter, up by VND1,412 and fuel oil 180CST 3.5S is capped at VND17,643 per kilogram, an increase of VND1,182.
The Ministry of Industry and Trade attributes this surge in fuel prices to heightened geopolitical tensions affecting the global fuel market during the pricing period from June 12 to June 18. In particular, escalating conflict between Israel and Iran in the Middle East, alongside the ongoing Russia-Ukraine military conflict, have significantly driven up international refined fuel prices by 8 percent to nearly 10 percent within just one week.
Additionally, fluctuations in the VND/USD exchange rate were also factored into the latest pricing decisions.
