Retail petrol prices in Vietnam are likely to reach new highs when the Ministry of Finance and the Ministry of Industry and Trade announce their price adjustments on October 11.
Data from the Ministry of Industry and Trade show the average prices of RON 92 and RON 95 in the Singaporean market rose considerably to US$86.61 and US$88.20 USD/barrel, respectively during the past week. Sometime the prices of both petrol types spiked to nearly US$88 and US$90 barrel mark.
Petrol retailers predicted that domestic petrol prices would rise VND700-800 per litre on October 11 when the Ministry of Finance and the Ministry of Industry and Trade announce their price adjustments.
Half a month ago, the two ministries decided to raise domestic retail prices of petrol by more than VND500 to nearly VND22,000 per litre, hitting a three-year high.
At a regular Government press briefing for September, Le Viet Nga, an official of the Ministry of Industry and Trade said the global economy is recovering from the COVID-19 pandemic, fuelling petrol prices. Given the global market rally, she said a fall in petrol prices is unlikely.
“We will coordinate closely with the Ministry of Finance and other agencies to manage petrol prices to better serve the economy, and support businesses and people,” she said.
The Ministry of Industry and Trade (MoIT) and the Ministry of Finance (MoF) announced the adjustment of petrol prices at 3 p.m. on June 26.