The days of filling up your petrol tank on the cheap are officially over as the ministries of finance and trade-industry have approved a 6% price hike.
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After a massive drop in global fuel prices last year that spurred 12 consecutive fuel cuts from July to December, prices have increased by 30% in 2015, bringing the retail gasoline price in Vietnam to VND20,100-21,030 per liter, according to Tuoi Tre.
“Following the approval from the two ministries, the Vietnam National Petroleum Corporation (Petrolimex), which holds the largest market share of fuel distribution in the country with 48 percent, raised the retail prices of RON 92 and RON 95 gasoline and E5 biofuel to VND20,430, VND21,030 and VND20,100 per liter, respectively, from 8:00 pm on Wednesday (US$1 = VND21,673).”
The ministries cited rising oil prices that are hovering around a 4-month high.
The cost of RON 92 petrol over the past 15 months.
The prices increases seem to be filling Petrolimex’s coffers as last week the company announced a consolidated net profit of VND388 billion (US$17.85 million) in the first quarter of 2015, an increase of 77% compared to the same period last year.
[Photo via Thanh Nien]
