The Vietnamese inter-ministries of Finance - Industry and Trade on Monday afternoon announced a reduction in petrol and oil prices after 7 consecutive increases since early December 2021.

Both petrol and diesel were the most expensive they’ve ever been at 3:00pm on March 11. The increase hit a seventh consecutive record high.

The bio-fuel E5 RON92 petrol which had soared by VND 2,908 to 28,985 per litre, now cut by VND 630 per litre to VND 28,330 a litre while RON 95 petrol had gone up by VND2,990 to VND29,824 per litre, now declined by VND 650 to VND 29,190 a litre.

Meanwhile, the new price of diesel has reduced to VND 23,630 per litre after a decrease of VND 1,630 per litre.

Kerosene oil now sells for VND 22,240 per litre after a drop of VND 1,670 per litre.

With the seventh consecutive increase, the selling price of diesel oil increased to VND 25,268 per litre, kerosene sold at VND 29,913 per litre and Mazut fuel oil at 20,987 VND per litre.

Multiple factors have contributed to the surge in gasoline prices, including demand bouncing back while supply remains constrained. The Ukraine-Russia conflict have pushed up the price of gasoline around the world. Besides the global impact, according to domestic experts, reduced production by Nghi Son and Dung Quat refineries was partly blamed on costlier fuel prices in Viet Nam and fuel shortages in some Vietnamese southern localities since early this year.

However, gas prices have fallen back from record levels due to the costs of wholesale fuel and global oil easing. The global market was rattled by a resurgence of virus cases in China, which may impact demand in the world's biggest crude importer, and signs of progress in cease-fire talks between Ukraine and Russia.

Reporting by QUYNH TRANG – translating by H.L