In the latest petrol price adjustment on January 11 by the Ministry of Industry and Trade and the Ministry of Finance, the price of petrol remained unchanged compared with those of the last adjustment.
The price of E5 RON92 gasoline rose to VND31,117 per liter, an increase of VND882 per liter, and the new retail price of RON95-III gasoline was VND32,375 per liter, an increase of VND797 per liter on the afternoon of June 13.
Gasoline prices in Vietnam slightly edged up on the afternoon of May 4 due to the impact of increasing global gasoline prices, while oil prices basically dropped or were stable.
Due to new Covid-19 cases and unchanged global fuel prices, the ministries of Finance and Industry and Trade on July 28 decided to keep the price of RON95 gasoline unchanged, just slightly increase the prices of the remaining petroleum products.
Amid the context that many people in some places flocked to buy gasoline and oil for stockpiling, the representative of the Ministry of Industry and Trade (MoIT) affirmed that the domestic supply of fuel is always sufficient to serve the demand for production and trade of enterprises and the consumption demand of people.
The price of fuel in Vietnam simultaneously dropped as of 3 p.m. on February 14, according to the order by the ministries of Industry and Trade and Finance.
The ministries of Finance and Industry and Trade on July 2 ordered fuel wholesalers to raise fuel prices after lowering them in three previous adjustment periods.
The Ministry of Industry and Trade said that it has proposed the Prime Minister to consider adjusting the environmental protection tax rate for biofuel in general and E5 RON92 ethanol gasoline blend in particular so as to create a basic and large enough difference in price between biofuel and fossil fuel that is able to convince consumers to use biofuel.
The ministries of Finance and Industry and Trade on May 2 ordered fuel wholesalers to simultaneously raise the prices of petrol in Vietnam as of 4 p.m, the third consecutive time since April.
Petroleum products are said to have been moving in accordance with the market but in comparison with the sacrifice of consumers, it is unreasonable that fuel distributors do not have to concern about losses as they have been earning a certain profit of VND300 for each liter of gasoline they sold.
The prices of fuel in Vietnam increased for two consecutive times in April as of 3 p.m. on April 17 as, globally, average price of finished products of petroleum has climbed by 2-3 percent per barrel in the last 15 days.
The Ministry of Industry and Trade and Ministry of Finance increased prices of all oil and petrol products by VND350 per litre from 3:00pm on April 20.
