Vietnam: Gasoline prices rise for 5th time in three months, hitting a historic peak in 2014

People wait to fill up petrol at a gas station in Hanoi

The retail price of gasoline E5 RON 92 in Vietnam continued to increase by VND550/liter to VND23,660/liter. This has been the fifth consecutive price increase since the beginning of September.

The decision to increase gasoline prices was made by Vietnam’s Ministry of Industry, Trade, and Finance from 15:00 on November 10 and announced by the state-controlled media on the same day.

In addition to an increase of VND550/liter for E5 RON 92 gasoline, RON 95 gasoline also increased by VND660/ liter, to VND24,990/liter retail.

According to Zing.vn, this is the highest increase since July 2014, just below the historic peak of VND1,980/liter for E5 RON 92 gasoline and VND1,150 less for RON 95 gasoline. At a time when gasoline prices were high. The peak was on July 7, 2014, gasoline E5 RON 92 cost VND25,640/liter while gasoline RON 95 was sold at VND26,140/liter.

If calculated within the past one year, the price of gasoline products in Vietnam has increased 18 times and decreased three times, with E5 RON 92 gasoline increasing a total of VND9,775/ liter, RON 95 gasoline increase by VND10,289/liter.

As for vnexpress.net, with this increase, gasoline prices have had the fifth consecutive increase from the beginning of September to now. Specifically, each liter of RON 95 gasoline has increased by nearly VND3,900 compared to two months ago and E5 RON 92 has increased by nearly  VND3,800.

The Ministry of Finance and the Ministry of Industry and Trade said that in this adjustment period, the ministries continued to not set up a price stabilization fund for all gasoline products, but set up a stabilization fund for fuel oil VND500/kg and kerosene- VND150/liter.

The continuous increase in gas prices has caused a lot of frustration among drivers of traditional taxis, taxis, and motorbike taxis. Many taxi businesses are quoted by the state-controlled media as being in a dilemma when they have to choose to increase their fares or make up for losses to retain customers because consumers are also suffering due to the prolonged COVID-19 pandemic over the past two years.

Mr. Nguyen Cong Hung, Chairman of the Hanoi Taxi Association also said that the sharp increase in gasoline forced transport businesses to adjust their fares to match. However, the tax rates imposed by businesses make it difficult for taxi drivers.

Thoibao.de (Translated)

Source: https://www.rfa.org/vietnamese/news/vietnamnews/gasoline-prices-rise-for-5th-within-three-months-nearing-seven-year-high-11102021071625.html

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