Many people queued to buy petrol in Hanoi on Tuesday evening as the prices are forecasted to increase on May 13.
People queue to buy petrol in Hanoi on the evening of May 12.
As schedule, the ministries of Industry and Trade and Finance will adjust fuel prices today on a 15-day basis.
At the last adjustment on April 28, petroleum prices in Vietnam were cut to the lowest level over the past 13 years. RON92 and RON95, diesel, kerosene and mazut are now sold at VND10,942; VND11,631; VND9,941 and VND7,965 per litre and VND8,670 per kilo respectively.
That was the eighth consecutive petrol price cut in Vietnam so far this year, setting the low record over the past 13 years following the falling global prices as a result of the Covid-19 pandemic.
A report released by the Ministry of Industry and Trade on May 11 showed that petrol prices in Singapore had rebounded. The average price of RON 92 petrol was USD 24.77 a barrel which is an increase of 34% against last period while RON 95 petrol has the average price of USD26.67 a barrel or a 35% increase compared to last period.
Following the increase in the world markets, petrol prices in Vietnam are forecasted to rise by up to between VND 2,000 -3,000 per litre on Wednesday afternoon.
One day ahead of the rise, many petrol stations in Hanoi were crowded as people tried to buy petrol before the increase.