Petrol, diesel prices up in Vietnam

Fuel prices in Vietnam have seen an increase for the fifth time in 2022, local media reported on Friday.

It is the eighth adjustment to petrol prices since the beginning of this year and the third from the end of April, with only three decreases, the daily newspaper Vietnam News reported.

From Wednesday, the prices per liter of RON95 bio-fuel, E5 RON92 and diesel oil were raised by 1,550 Vietnamese dongs (around 0.067 U.S. dollars), 1,490 dongs and 1,120 dongs respectively.

According to the country’s Ministry of Industry and Trade, factors pushing the price of finished petroleum products higher include the changes in the world petroleum market and increasing crude oil demand.

In case the petrol price hits 150 U.S. dollars per barrel on the world market, the ministry will propose to reduce taxes for petrol products and diversify petrol supply, the newspaper reported.

Recent rising prices of fuel have led 80 percent to 90 percent of Vietnam’s fixed-route transport firms to adjust their fares up by 10 percent to 15 percent, said a recent report by the country’s Ministry of Transport.