Gasoline prices hit 2-month high
Gasoline and diesel prices in Vietnam on Thursday afternoon rose to the highest since May 28.
Gasoline prices in Vietnam have reached a two-month high, with the popular fuel E10 RON95 increasing by 6.6% to VND22,850 (US$0.87) per liter. The biofuel E5 RON92 saw a 7.2% rise to VND22,380. Diesel prices also climbed by 7.2% to VND27,620. These price hikes come as global fuel prices climb due to escalating tensions between the United States and Iran, according to Vietnam's Ministry of Industry and Trade and the Ministry of Finance.
The recent price increases have prompted many fuel retailers, especially in major cities like Hanoi and Ho Chi Minh City, to face fuel shortages, particularly of diesel. In some cases, tanker trucks have had to wait up to four days to collect supplies, while some gas stations have limited sales or temporarily halted operations due to insufficient inventory.
Tran Huu Linh, the director general of the Agency for Domestic Market Management and Development, attributed the fuel procurement disruptions to the Middle East conflict. Despite this, Linh assured that the nationwide fuel supply remains secure, although localized shortages, particularly for diesel, may occur. He also cautioned that some businesses might be withholding inventory in anticipation of further price increases.
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