Retail gasoline and oil prices in Vietnam saw the first increase of the year, starting 3pm on January 11, according to an announcement jointly issued by the Ministries of Finance and Industry and Trade.

Retail gasoline and oil prices in Vietnam saw the first increase of the year. Photo: Pham Hung

The price of bio-fuel E5 RON92 gasoline rose by VND430 to VND15,948 (US$0.69) per liter, while that of RON95 gasoline increased by VND451 to VND16,930 (US$0.7) per liter.

The prices of diesel oil and kerosene inched up by VND271 and VND370, respectively, to VND12,647 (US$0.54) and VND11,558 (US$0.5) per liter while, the price of mazut price remained unchanged at VND12,272 (US$0.53) per kilogram.

According to the two ministries, the average price of gasoline and oil across the world market experienced sharp increases during the 15-day period prior to the last price revision. On January 10, global petrol prices ended the first trading week of the new year soaring by nearly 8% and was the sixth consecutive week of the increase. 

During the first fuel price adjustment of the year, the two ministries decided not to charge VND100 from the sale of each liter of E5 RON 92 for the fuel price stabilization fund while VND100 will be deducted from the sale of each liter of RON95, the same as the previous price adjustment on December 26, 2020.

Gasoline prices are currently at the highest level for the past nine months (since March 29). In 2020, after 24 price adjustments, both the E5 RON92 and RON95 increased nine times, decreased 11 times, and remained unchanged four times. In short, E5 RON92 price decreased VND4,327 per liter, RON95 gasoline decreased VND4,434 per liter compared to the beginning of 2020.