Gasoline prices reach a new historic peak in Vietnam

[ASEAN NOW News]

A sign at a District 3 gas station in HCMC says sales have been stopped temporarily to update price information on the electronic board, Feb. 21, 2022. Photo by VnExpress/Quynh Tran

 

Vietnam gasoline prices climbed to a new peak Monday after authorities adjusted them upwards for the fifth time in a row.

 

VN Express reported that the price of popular gasoline RON 95 rose 3.79 percent to VND26,280, while that of biofuel E5 RON 92 rose 3.9 percent to VND25,530.

 

These prices topped the previous peak reached in July 2014. Mondays was the fifth hike in a row since December 10, 2021.

 

VND/literVietnam's gasoline pricesRON 95E5 RON 92Oct 11Oct 26Nov 10Nov 25Dec 10Dec 25Jan 11Jan 21Feb 11Feb 2121k22k23k24k25k26k27k

 

The Ministry of Industry and Trade and the Ministry of Finance, which are responsible for regulating gas prices, said the gasoline components’ prices have risen by 6 percent from February 11 until now.

 

Meanwhile, global crude prices dropped marginally as news of fresh diplomatic efforts to resolve the Ukraine crisis soothed some concerns over supply.

 

Vietnamese authorities make gasoline price adjustments on the 1st, 11th or 21s day of the month; therefore, changes follow global movements after a delay.

 

The country imported 6.96 million tons of oil and gasoline last year, down 15.5 percent from 2020, according to Vietnam Customs.

 

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[Joebuzz]

Feel free to blame Joe Biden for all the problems that weren't existing just 15 months ago.