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.
According to the Ministry of Industry and Trade, the global crude oil price on July 19 and 20 tended to rise, surpassing the level of US$100 a barrel. The price of WTI oil was $104.22 a barrel, and Brent oil was $107.05 a barrel in the morning trading session of July 20.
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.
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.
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.