Gasoline prices reach 4-month high
Vietnam gasoline prices rose to the highest since May 15 following increase in energy prices on global markets.
Gasoline prices in Vietnam have surged to a four-month high due to global oil market volatility and domestic factors. The RON95 fuel, the most popular in the country, rose by 5.78% to VND25,630 (US$0.99) per liter, while E5 RON92 increased by 5.86% to VND25,130. Diesel prices climbed 5.12% to VND29,940. The price hike is attributed to escalating conflict in the Middle East between Houthi forces and Saudi Arabia, as well as the U.S. Federal Reserve's recent interest rate hike.
Global fuel prices, which are at their highest since early April, have climbed by about 28%-41% compared to the lows recorded in July following the U.S.-Iran conflict. Vietnam's petroleum trading system, comprising 33 wholesalers, 250 distributors, and two refineries, is undergoing significant changes. Prime Minister Le Minh Hung recently directed the Ministry of Industry and Trade to streamline the distribution system, reduce intermediary layers, and clearly delineate supply, distribution, and retail functions.
This reform aims to address the issue of repeated fuel trading between traders, which inflates costs and complicates responsibility attribution during supply shortages. The government hopes these changes will ensure the distribution and retail network has adequate capacity to meet demand.
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