Vietnam’s petrol prices surge for second time this year

The latest price adjustment marked the second consecutive price hiking in 2022.

From 15.00 January 21, the retail price of bio-fuel E5 RON92 surged VND436 to around VND23,595 (US$1.04) per liter, and that of RON95 went up by VND484 to VND24,360 ($1.07) per liter.

Vietnam's petrol prices surge for the third time this year. HNT Photo: Pham Hung

The latest price adjustment marked the second consecutive price hiking in 2022.

The move came following the latest review on petrol prices jointly conducted by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance (MoF) on the same day, which was held every 15 days.

The price of kerosene was VND17,793 ($0.78) per liter; that of diesel was VND18,903 ($0.83); representing increases by VND655 and 664 per liter respectively, mazut was priced at VND16,993 ($0.75) per kilogram, a rise of VND631 per kg.

The management of petrol prices followed the orientation of ensuring inflation control and market stabilization from the beginning of 2022, supporting people and businesses that are facing difficulties due to the impact of the Covid-19 pandemic.

The two ministries also continue to maintain the price gap between E5 RON92 and RON95 at a reasonable level to encourage the use of biofuel and protect the environment according to the Government's policy.

According to the Ministry of Industry and Trade, the world oil market continues to be affected by reduced supply due to the decrease of the US oil inventories and production cut of crude oil in some countries, leading to the sharp increase of world oil prices.