Gasoline price unexpectedly rose by 300 VND per liter

From 8 p.m of February 21st, RON 92 price in the country has risen up by 300 VND per liter whereas other types of gasolines saw an increase of over 200 VND per liter.

This decision has just been officially announced by the Ministry of Finance and the Ministry of Industry and Trade at the same night. According to the government, gasoline will have the highest increase in price with 307 VND/liter, followed by diesel with 247 VND/liter, kerosene oil with 237 VND/liter and mazout oil with 204 VND/liter.

As stated by leaders of Vietnam National Petroleum Corporation (Petrolimex), all petrol and oil prices in their system will be adjusted in accordance with the government request.

Accordingly, Petrolimex’s RON 92 will see a 300 VND/liter increase, thus reaching 24.510 VND/liter. Similarly, diesel will have its prices increased to 22.770 VND/liter (up 240 VND/liter). Kerosene and mazout oil prices will increase by 230 VND/liter and 200 VND/liter respectively.

RON 92’s price raised up to 24.510 VND/liter by almost every enterprises.

In addition to the above decision, the 2 Ministries also decided to stop using stabilization fund for kerosene and mazout oil.

As explained by management agencies, prices of oil and gasoline across the world were going up again, especially with gasoline. Just in 30 days from 22/01/2014 to 20/02/2014, price of RON 92 has reached 115.61 USD/barrel and price of diesel also reached 122 USD/barrel.

As a result of this, RON 92’s base price was higher than the actual price by 527 VND/liter whereas the difference in diesel’s price also reached 247 VND/liter.

Thus, this was the first time in the year that oil and gasoline price actually went up. The 2 closest adjustments have reduced the price of diesel by 400 VND/liter.

Minh Anh