The ministries of Industry and Trade and Finance upped fuel price last Friday, and prices of biofuel E5 RON 92 went by VND675 per liter to VND20,906 (90 cents) and that of RON 95 by VND577 to VND22,347 (96 cents). Kerosene prices went up by VND485 to VND17,086 (73 cents) per liter and that of mazut oil by VND752 to VND15,694 (67 cents) per kilogram. The ministries said that the increase in domestic prices followed a rise in world fuel prices of 3-5 percent over the last 15 days. They said that a RON 92 barrel costs $90.36, RON 95, $92.40 and diesel, $96.89. This was the third fuel price hike since early September. In this period, the per liter price of E5 RON 92 went up by VND1,296 (5.6 cents) in total, while that of RON 95 rose by VND1,170 (5 cents). While the latest increase has raised concerns among economists that Vietnam will not be able to meet its inflation target for the year, transportation businesses are worried about immediate impacts. Lam Dai Vinh, director of a … [Read more...] about Vietnam’s latest fuel price hike spikes inflation concerns
Fuel price hike
Fuel price hike propels Vietnam’s May inflation to record high
Recent fuel price hikes have kicked up Vietnam’s Consumer Price Index (CPI) this month by 3.86 percent year on year, the General Statistics Office has reported. Fuel price hikes have helped boost Vietnam's inflation rate in May The hike was led by traffic and transportation services, which rose 1.72 percent over last month, followed by food and beverages by 0.88 percent and housing, construction and utilities by 0.34 percent. The increase in CPI this month is attributed to the fuel price hikes on May 8 and May 23, in which A95 and E5 fuel prices went up by VND1,010 per liter (4 cents), while diesel prices increased by VND960 per liter. The new gasoline prices have, in turn, pushed up the fares of transport services, said Huynh Quoc Thinh, CEO of the Phu My transport company. Fuel costs for containers and heavy trucks account for 40 percent of the total revenue. For other types of vehicles, the ratio is 30 percent. Higher transport tariffs could lead to higher general … [Read more...] about Fuel price hike propels Vietnam’s May inflation to record high
Fuel price hike threatens inflation in Vietnam
Many transport firms have planned to raise fares after gasoline prices were hiked four times by 6.6-8.5 percent since the beginning of this year. The price of gasoline 95-RON increased to VND21,511 ($0.94) per liter on May 23 from VND20,090 ($0.88) on January 4, while that of biofuel E5 92-RON upped from VND18,240 ($0.80) to VND19,940 ($0.87). Prices of most popular fuels, 95-RON and E5 92-RON, were surged by 6.6 percent and 8.5 percent, respectively, after four consecutive hikes following the global increase since the beginning of this year. The new gasoline prices have pushed the fares of transport service up, said Huynh Quoc Thinh, CEO of Phu My transportation company. Fuel cost for containers and heavy trucks accounts for 40 percent of the total revenue. For other types of vehicles, the ratio is 30 percent. "We’ll suffer from loss if we don’t increase our price,” he said. The same price increase is seen at a … [Read more...] about Fuel price hike threatens inflation in Vietnam
Fuel price hike threatens to raise VN inflation
The global price of oil has increased from US$60 per barrel early this year to $70 now, and the uptrend is forecast to continue.— Photo vov.vn This was the second increase in retail fuel prices this year. The global price of oil has increased from US$60 per barrel early this year to $70 now, and the uptrend is forecast to continue. Nguyen Bich Lam, director of the General Statistics Office, said international organisations have forecast average crude prices in 2018 to range at $70-80 per barrel. So domestic petrol prices are projected to increase by 5-15 per cent and have an impact of 0.28-0.64 percentage points on consumer prices. Vietnamese fuel prices are enormously impacted by global rates since the country imports 70 per cent of its fuel needs. Of course, as an exporter of crude, it also benefits when oil prices rise. Fuel prices have a bearing on the cost of most other products in the basket of goods that makes up the consumer price index (CPI). Two fuel price hikes in … [Read more...] about Fuel price hike threatens to raise VN inflation
Fuel price hike threatens inflation
The global price of oil has increased from US$60 per barrel early this year to $70 now, and the uptrend is forecast to continue.— Photo vov.vn Compiled by Thiên Lý This was the second increase in retail fuel prices this year. The global price of oil has increased from US$60 per barrel early this year to $70 now, and the uptrend is forecast to continue. Nguyễn Bích Lâm, director of the General Statistics Office, said international organisations have forecast average crude prices in 2018 to range at $70-80 per barrel. So domestic petrol prices are projected to increase by 5-15 per cent and have an impact of 0.28-0.64 percentage points on consumer prices. Vietnamese fuel prices are enormously impacted by global rates since the country imports 70 per cent of its fuel needs. Of course, as an exporter of crude, it also benefits when oil prices rise. Fuel prices have a bearing on the cost of most other products in the basket of goods that makes up the … [Read more...] about Fuel price hike threatens inflation