Vietnam raises fuel prices sharply as global oil surges

Under the latest adjustment, the retail price of RON95 gasoline rose to no more than VND22,340 ($0.85) per liter, while E5 RON92 increased by VND1,926 ($0.07) to VND21,449 ($0.8) per liter.

Diesel prices increased by VND3,758 ($0.14) to VND23,037 ($0.88) per liter, kerosene jumped by VND7,132 ($0.27) to VND26,601 ($1.01) per liter, and mazut went up by VND1,807 ($0.07) to VND17,496 ($0.67) per kg.

The new prices took effect from 3:00 pm (local time) on Thursday, the ministry said, adding that authorities did not use the fuel price stabilization fund during this pricing period.

The ministry said global fuel markets between February 26 and Wednesday were affected by escalating military conflict between the United States, Israel, and Iran, which disrupted oil transportation through the Strait of Hormuz, a maritime route that carries about 20 percent of global oil supply.

RON95 gasoline was priced at $92.78 per barrel on Monday, up $10.69, or 13.02 percent, from February 27, before the conflict escalated.

Diesel rose to $114.53 per barrel, up $22.27, or 24.14 percent, while kerosene climbed to $116.46 per barrel, up $22.89, or 24.46 percent.

Kerosene prices surged further to $231.42 per barrel on Wednesday, up $101.19, or 77.7 percent from the previous day.

Average global product prices used in Vietnam’s pricing formula were $88.89 per barrel for RON92 gasoline and $91.92 per barrel for RON95 gasoline, the ministry said.