Latest News about petrol price
The gas price on October 31 increased by another VND17,000, raising the price to VND500,000 for a 12 kilogram tank.
Calls have been made for tax cuts to stabilise domestic fuel prices as global oil prices see continual increases.
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.
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.
Retail petrol prices rose from 3pm on March 27 following the latest review by the Ministry of Industry and Trade and the Ministry of Finance.
The petrol price is expected to be raised on March 12, at the price adjustment session, as world prices are on the rise. Experts predict that the E5 RON 92 petrol may increase by VND600 per liter.
The Vietnam National Petroleum Group (Petrolimex) reported a loss of nearly VND1.9 trillion (US$80.75 million) in the first quarter of 2020 as consumption was dampened by the coronavirus outbreak.
The retail prices of petrol plummeted from 3pm of March 29, making it the sixth consecutive reduction since the beginning of this year.
Experts believe that the opening of the petroleum distribution market at a certain level will help the market operate better.
The price hike of many essential goods recently has put pressure on inflation, but economists believe the inflation rate will be at below 4 percent as targeted.
Experts have warned that if the government doesn’t cut the environmental protection tax and fees on petroleum products, the national economy will suffer.