Gasoline prices increase sharply

Petrol prices have risen by VND1,427 per liter since 4pm on October 26 following the decision by the ministries of Industry and Trade and Finance.
Gasoline prices increase sharply ảnh 1 Gasoline prices this afternoon increase sharply

Due to the record increase in the world gasoline prices in the recent seven years, the ministries decided to adjust the price of domestic gasoline with a "shocking" increase.

Accordingly, the selling price of E5RON92 gasoline is now VND23,110 a liter, an increase of VND1,427 a liter while RON95-III gasoline price hits VND24,338 a liter, increasing VND1,459 a liter. The price per liter of diesel 0.05S hikes to VND18,716, up VND1,171 a liter. Additionally, kerosene is sold at VND17,637 a liter, increasing VND1,015 per liter and fuel oil fetches VND17,210 per kg, up VND113 a kg.

According to experts, this is the highest rise since the beginning of the year and currently, the domestic gasoline price is the highest in recent years. From the beginning of 2021 until now, responsible ministries have made price adjustments 19 times, of which the recent adjustments have been reflecting a steady uptrend.

In its press release on the afternoon of October 26, the Office of the Ministry of Industry and Trade said that the world petroleum price has recently hiked because of increased demand when countries gradually eased travel restrictions. Meanwhile China, India and Europe are short of supply of coal and gas and the U.S. crude oil stockpiles have fallen.

These factors have pushed up the price of finished petroleum products on the world market. The average price of petroleum products in the world in the 15 days before the oil price management period on October 26 was US$97.36 a barrel of RON92 gasoline used for making E5RON92 gasoline, up by $9.21 a barrel or 10.44 percent compared to the previous time.

A barrel of RON95 gasoline was traded at $100.38, up by $10.13 a barrel, an increase of 11.23 percent compared to prior time while a barrel of 0.05S diesel oil fetched $95.20, up $7.44 a barrel, equivalent to an 8.48 percent increase over the previous period and a barrel of kerosene was priced $94.56, up $6.50 a barrel, equivalent to 7.39 percent.

Though the coronavirus pandemic in the country is put under the control, Ho Chi Minh City, the Southern Province of Binh Duong and some localities still reported cases of Covid-19. From the beginning of 2021 until now, the Petroleum Price Stabilization Fund has continuously expended VND100-VND2,000 a liter or a kilogram.