Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Petrol prices in Vietnam climb to all-time high
Ngoc Mai 18:04, 2022/03/11
The price of RON95 rose by nearly VND3,000 per liter to an all-time high of VND29,820.

The retail price of biofuel E5 - RON92 increased by VND2,910 to VND28,980 (US$1.27) per liter and RON95 by VND2,990 to VND29,820 ($1.30) per liter, respectively, from 3:00 pm today [March 11].

 Vietnam's petrol prices rise to an all-time high. Photo: The Hanoi Times

The move came following the latest 10-day review on petrol prices jointly conducted by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance (MoF) on the same day.

The latest price adjustment marked the seventh hike in a row since mid-December 2021, bringing the prices of petrol products to above the previous peaks in July 2014 of VND26,140 per liter and closer to VND30,000 per liter.

The price of kerosene was posted at VND23,910 ($1.05) per liter, up nearly VND4,000; diesel at VND25,260 ($1.10), or an increase of VND3,950; and mazut at VND20,980 ($0.92) per kilogram, a rise of VND2,520 per kg.

This resulted in an increase of VND7,020 per liter for RON95 against last December, VND6,900 for E5-RON92, VND7,930 for diesel, VND7,590 for kerosene, and VND5,240 for mazut.

At present, taxes and fees account for 40-42% of the retail prices of petrol products. The Ministry of Finance has announced its plan to cut the environmental protection tax by half, or VND2,000 per liter, to prevent petrol prices from skyrocketing. The move is scheduled to take effect on April 1.

On the global market, prices of crude oil WTI decreased by $2.68 to $106.02 per barrel, and Brent by $1.81 to $109.33, following an announcement from the UAE ambassador to Washington, Yousef Al Otaiba, that the country wants to increase oil production and would encourage the Organization of the Petroleum Exporting Country (OPEC) to do the same.

TAG: petrol prices vietnam Ukraine Russia Vietnam Covid-19 Vietnam
Other news
17:31, 2023/09/27
Vietnam’s economy remains resilient amid weakening global demand
Vietnam’s economic growth is expected to expand by 5.8% in 2023 and later rebound to 6.0% in 2024.
16:38, 2023/09/25
Hanoi boosts e-commerce adoption in farm produce sales
Investing in building a strong brand presence and enhancing digital marketing skills are essential investments that can propel businesses forward in the digital transformation era.
13:10, 2023/09/20
US urged to recognize Vietnam’s market economy status
US Secretary of Commerce Gina Raimondo pledged to push for the swift recognition of Vietnam's market economy status.
17:46, 2023/09/17
Vietnam desires stronger ties between ASEAN and China
Vietnamese Prime Minister Pham Minh Chinh attended the opening ceremony of the China-ASEAN Expo 2023 and the China-ASEAN Business and Investment Summit 2023 in Nanning, Guangxi Province.
20:30, 2023/09/16
PM seeks stronger transport links with China's Guangxi Zhuang Autonomous Region
Guangxi should continue to take the lead in fostering exchanges and practical cooperation between the two countries.
13:46, 2023/09/16
Prime Minister Pham Minh Chinh touches down in China for Expo and summit
Upon his arrival, the Prime Minister visited Vietnamese booths and had meetings and discussions on cooperation with high-level Chinese officials and businessmen.