Vietnam’s gasoline prices edge up

Vietnam’s petrol prices were revised up slightly at 3:00 pm on Tuesday by the Ministry of Industry and Trade and the Ministry of Finance.

This has been the sixth consecutive increase in gasoline prices since early July.

The price of the popular RON95 gasoline stands at VND24,870 (US$1.04) per liter, up VND270 per liter, while biofuel RON92 costs VND23,470 ($0.98) per liter, a mild rise of VND140.

Diesel oil is priced at VND22,640 ($0.94) per liter, up VND290.

The price of kerosene is capped at VND22,810 ($0.95) per liter, rising VND510, while heavy fuel oil is down VND280 per kilogram at VND17,700 ($0.73).

During this fuel price adjustment, the two ministries decided not to allow fuel traders to tap the fuel price stabilization fund, while imposing no surcharges on gasoline and oil products.

Global fuel prices have been volatile over the past few days as the United States’ Energy Information Administration revealed that U.S. crude oil stocks fell by 10.6 million barrels on August 25, well below the predicted 3.3 million-barrel drop.

The plunge was expected to add upward pressure on global fuel prices.

Besides, Saudi Arabia and Russia, the world's biggest oil exporters, plan to make additional cuts to oil supply.

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