The retail prices of petrol fell sharply from 3 p.m. on December 14 under the latest adjustment by the Ministry of Industry and Trade, and the Ministry of Finance.

Contrary to the predictions, gasoline prices decreased slightly, but oil prices increased at the adjustment on the afternoon of September 5.

To deal with fuel prices, the Civil Aviation Authority of Vietnam (CAAV) just proposed raising air service prices on domestic routes to the Ministry of Transport (MoT).

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.

Skyrocketing prices of petrol and coal in recent days have put great pressure on businesses whose inputs are mainly these products.

Domestic retail prices of petrol and oil products were allowed to adjust to the new selling price, with an increase of more than VND1,400 per liter for gasoline and more than VND1,000 per liter for oil as of 4 p.m. on October 26. As the global oil prices have risen to the highest level in the past seven years, while the Fuel Price Stabilization Fund has almost been exhausted, the most feasible solution is to reduce taxes to share difficulties with consumers and businesses.

As oil prices rose sharply, oil and gas stocks also jumped, helping to strengthen the uptrend of the stock market in the trading session on October 26.

The Vietnam Electricity, on the evening of August 24, informed that due to the high price of input fuel, the costs of power generation and purchasing of EVN have risen by VND16 trillion over the same period last year.

Rising global oil prices have been putting pressure on gasoline prices in the domestic market. According to the report of the General Statistics Office of Vietnam under the Ministry of Planning and Investment, an increase of 12.08 percent in the five-month domestic gasoline prices and 15.32 percent year-on-year in gas prices are one of the main reasons for the rise in the consumer price index (CPI) in the first five months of this year.