Gasoline prices rebound to nearly VND30,000 per liter

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.
Gasoline prices rebound to nearly VND30,000 per liter ảnh 1 Domestic gasoline prices rebound to nearly VND30,000 per liter on May 11. (Photo: SGGP)

After setting up and using the Fuel Price Stabilization Fund, from 3 p.m. on May 11, E5 RON92 gasoline has a new price of VND28,959 per liter, up VND1,491 per liter, and RON95-III gasoline VND29,988 per liter, up VND1,554 per liter. At the same time, oil prices also jumped sharply. Specifically, diesel oil rose to VND26,650 per liter, up VND1,120 per liter; kerosene VND25,168 per liter, up VND1,340 per liter; only fuel oil 180CST 3.5S kept the selling price unchanged at VND21,560 per kg. Thus, gasoline and oil prices have increased highly as forecasted. This is the third increase in a row after three declines.

Explaining the decision to increase gasoline prices, the ministries of Industry and Trade and Finance said that the global petroleum market had many great fluctuations last week. The EU proposed an embargo on petroleum products from Russia, and OPEC + did not increase output compared to the plan proposed by the EU, causing concerns about petroleum supply to the market.

Besides, crude oil demand increased after the US announced a plan to buy 60 million barrels of oil to replenish emergency reserves. The above factors have pushed the prices of finished petroleum products higher compared to the previous week.

The average price of petroleum products in the world between May 4 and May 11 was $136.968 a barrel of RON92 gasoline, up $10.484 a barrel, or 8.29 percent compared to the previous period; $141.098 a barrel of RON95 gasoline, up $10.761 a barrel, or 8.26 percent; $147.690 a barrel of kerosene, up $11.316 a barrel, or 8.3 percent; $150.136 a barrel of diesel oil, up $7.16 a barrel, or 5.01 percent; $701.864 per ton of fuel oil 180CST 3.5S, up $1.665 per ton, or 0.24 percent.

This time, the ministries decided to reduce the setting up level of the Fuel Price Stabilization Fund for RON95 gasoline, E5 RON92 gasoline, and kerosene, and at the same time, use the fund for kerosene and fuel oil so that the domestic gasoline prices would have a lower increase than the global ones.