gasoline prices

The retail price of petrol saw a slight decrease following the latest regular adjustment at 3 pm on March 1 by the Ministry of Industry and Trade and the Ministry of Finance.

The new gasoline prices are adjusted by the Ministry of Industry and Trade from the beginning of January 1, 2023.

On September 21, the new price for E5 RON92 gasoline is VND24,197 per liter, up VND726 per liter, while RON95-III gasoline is priced at VND25,748 per liter, up VND877 per liter.

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.

The price of E5RON92 gasoline will remain unchanged at VND20,878 per liter, and that of RON95-III gasoline will also be kept at VND22,015 per liter.

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 Ministry of Finance (MoF) is taking steps to stabilize domestic gasoline prices and supply while removing difficulties for petroleum traders, said Nguyen Tien Minh, Director of the MoF’s Price Management Department.

The retail prices of RON 95 petrol and all oil products increased in the latest adjustment on July 11 by the Ministry of Industry and Trade and the Ministry of Finance.

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.

Economic instability across the entire globe is bound to affect Vietnam as well. Although economic data for Vietnam shows that difficulties have been overcome, but the fact remains that scores of businesses are still struggling. 

The Ministry of Industry and Trade asked authorized agencies to pay unscheduled visits to businesses to prevent speculation and hoards of goods.

The retail price of gasoline in the domestic market continued to surge with some products seeing an increase to nearly VND25,000 per liter, from 3 p.m. on August 21.

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.

On May 23, GrabExpress and Selex Motors, a Vietnamese electric vehicle startup, began testing the Selex electric motorcycle ecosystem for delivery in Ho Chi Minh City. This followed the successful implementation of the system in Hanoi.

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

The retail gasoline prices are expected to be adjusted nationwide on September 1. Dozens of retail petrol stations in the provinces of An Giang and Dong Thap have again asked to stop sales temporarily because of losses.

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.