Vietnam gasoline prices skyrocketed by 10 percent to another new record Friday, after authorities adjusted them upward for the seventh time in three months.
The price of popular gasoline RON 95 and biofuel E5 RON 92 both rose from VND26,830 per liter to VND29,820 per liter and from VND26,070 to VND28,980, respectively. ($1 = VND22,875)
The price of other fuels, including kerosene, diesel, and mazut, also climbed by 12-16.5 percent. Friday’s was the seventh hike since Dec. 10, 2021 without a downward adjustment in between.
Compared to December, RON 95 gasoline prices are already up by over 30 percent, while those of biofuel E5 RON 92 have risen 31.3 percent.
Global oil prices fell on Wednesday by the most in nearly two years after OPEC member United Arab Emirates stated it supported pumping more oil into a market roiled by supply disruptions due to sanctions on Russia after it attacked Ukraine.
Its prices settled at $109.3 per barrel Wednesday, down $18.7 or 14.6 percent, their biggest one-day decline since April 2020. At the time of writing, oil prices are hovering above $110 per barrel.
Recently, the Ministry of Finance has proposed to halve the environmental tax on fuel, from VND4,000 to VND2,000 per liter on gasoline and from VND2,000 to VND1,000 on diesel.
Environmental tax, together with other taxes and fees, adds up to 43 percent of gasoline retail prices in Vietnam.
Vietnam authorities make gasoline price adjustments on the 1st, 11th and 21st day of the month; therefore, changes follow global movements after a certain delay.