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 fact that gasoline prices exceeded VND32,000 per liter, and some places even listed VND33,000 per liter while oil prices climbed sharply by more than VND2,000 per liter as of 3 p.m. on the afternoon of June 13 has made consumers worry.
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.
Retail gasoline prices in the domestic market continued to climb by more than VND500 per liter on the afternoon of March 1, the sixth consecutive increase and the fifth increase in a row in 2022. Currently, the selling prices of both RON 95 and E5 RON 92 gasoline are at historic highs.
Retail petrol prices rose by more than VND300 per liter from 3 pm on January 26, the fifth increase in a row, following the latest review by the Ministry of Industry and Trade and the Ministry of Finance.
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.
The prices of fuel in Vietnam declined the seventh consecutive time this year on April 13 to the lowest level in the past 11 years since March 2009 under the decision of the ministries of Finance and Industry and Trade.