Under a decision by the Ministry of Industry and Trade and Ministry of Finance, the retail prices of E5 RON 92 and RON 95 increased by VN1,090 and VND1,120 per litre to VND23,170 and VND24,240 respectively.
Petroleum prices keep increasing
Diesel prices rose by VND710 to VND20,140 per litre.
Vietnam has adjusted petroleum prices eleven times, including seven rises, and three decreases since early this year.
The petroleum supply in Vietnam has been remained stable so far this year, according to the Ministry of Finance. The ministry has not yet received any complaints of businesses about the fuel supply.
A report from the Ministry of Industry and Trade indicated that Vietnam’s national petroleum reserve was quite low, at around 300,000 cubic metres per year, equivalent to only nine days of net import and seven days of consumption, lower than the demand.
The ministry proposed the national petroleum reserve be raised from nine days of net import to 15 days and 30 days during the 2026-30 period.
It was estimated that Vietnam would need around VND4.1 trillion (USD173.7 million) per year to increase the national petroleum reserve.
