Petrol Prices Up For 11th Time In Vietnam This Year

HANOI– Petroleum prices in Vietnam have set a new record, after being adjusted up for the 11th time this year.

From yesterday, the price of RON95 bio-fuel per litre was raised by 797 Vietnamese dongs (around 0.034 U.S. dollars) to a record-high 32,375 Vietnamese dongs.

The price of E5 RON92 petrol rose by 882 Vietnamese dongs and that of diesel oil went up by 2,626 Vietnamese dongs.

It has been the 14th adjustment to petrol prices since the beginning of this year and the sixth consecutive rise since Apr 21.

During a Q&A session at the third session of the 15th National Assembly of Vietnam on Jun 8, Minister of Finance, Ho Duc Phoc said, although the domestic petrol and oil prices are at a high level, they are still lower than those in neighbouring countries including Laos and Cambodia.

To stabilise petrol and oil prices, it is necessary to take comprehensive solutions, not just through tax reduction measures, he said.

He added that, petrol and oil prices also depend on supply and demand, noting that, the finance ministry will work with relevant authorities to find more petroleum sources. (1 U.S. dollar equals 23,209 Vietnamese dongs)