Vietnam's gasoline and oil prices rise, impacted by global market fluctuations

Vietnam raised retail prices for gasoline and oil products by VND 510-1,260 per liter starting at 3 PM on the 15th, aligning with global energy market fluctuations. The Ministry of Industry and Trade and the Ministry of Finance stated that recent increases in international oil prices are influenced by factors such as escalating tensions between the US and Iran, and the potential for the US Federal Reserve to raise interest rates later this year to curb inflation. These elements have led to an upward trend in global oil prices compared to the previous period. Specifically, the price of a barrel of RON 95 used for blending E10 RON 95 increased by 9.2% to USD 132.2, while diesel rose by 4.1% to USD 161. Mazut reached USD 607.7 per ton. Following the adjustment, the price of E10 RON 95-III gasoline increased by VND 960 to VND 24,230 per liter. E5 RON 92 saw a rise of VND 1,260, bringing its price to VND 23,740 per liter. Similarly, diesel products increased by VND 510-740, with new prices at VND 28,480 per liter for some diesel types and VND 18,150 per kilogram for mazut. In this adjustment period, the Petroleum Stabilization Fund's contributions were suspended for gasoline and oil products. However, a contribution of VND 500 per liter was maintained for biofuel gasoline. Even after the price revision, gasoline prices in Vietnam remain approximately VND 5,000-25,000 lower per liter compared to neighboring countries such as Cambodia and Thailand (around VND 28,330-30,000), China (over VND 32,870), and Laos (VND 48,210). Likewise, diesel prices after today's adjustment are also lower than in these markets, with Laos having the highest price at over VND 40,170 per liter, while China and Cambodia are around VND 29,820-33,210.