From 3:00pm on Friday, March 11, the price of gasoline E5 RON 92 leapt by VND2,908 to 28,985 per litre while that of RON95 soared by VND2,990 to VND29,824 per litre, a historic high.

A motorcyclist has her vehicle re-filled at the filling station on Nguyen Van Thoai Street, Ngu Hanh Son District. Photo: QUYNH TRANG

This is the 7^th consecutive price increase of gasoline since mid-December, 2021.

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

The Vietnamese government only sets new retail gasoline prices nationwide on the 1^st, 11^th or 21^st day of the month, and distributors are not allowed to make changes in prices in between even if global rates fluctuate.

Currently, the world petroleum market is experiencing complicated developments due to the influence of many factors, including the ongoing armed conflict in Ukraine has led to instability in petroleum supplies.

Besides, the interruption of production activities of Nghi Son oil refinery, Viet Nam’s largest refinery, since January due to financial problems has caused domestic petroleum shortages, which ultimately resulted in higher prices.

Reporting by QUYNH TRANG – Translating by A.THU