The ministries of Finance along with Industry and Trade have adjusted the retail prices of petrol and diesel every 10 days. Specifically, gasoline prices have continued to go up as the bio-fuel E5 RON92 petrol has jumped by VND 2,908 a litre, and RON 95 petrol has gone up by VND 2,990 a litre. The price of petrol at the pump has risen with RON 92 at VND 28,985 per litre and RON 95 at VND 29,824 per litre. Rising gasoline prices have made Da Nang consumers nervous due to the potential for a significant rise in the price of food and other products.

Petrol and diesel prices across Viet Nam have again been increased - the seventh time in a row, sending fuel prices to a new record. Photo: QUYNH TRANG

Petrol and diesel prices have once again raised across Viet Nam for the seventh time in a row since mid-December, 2021. Notably, oil prices have skyrocketed with diesel at VND 25,268 a litre, kerosene at VND 29,913 a litre, mazut fuel oil at VND 20,987 a kilogram.

Multiple factors have contributed to the surge in gasoline prices, including demand bouncing back while supply remains constrained. Oil prices jumped around the world as the crisis between Russia and Ukraine escalated. Rising tensions have sent jitters through markets, driving oil prices higher. Besides the global impact, according to experts, reduced production by Nghi Son and Dung Quat refineries was partly blamed on costlier fuel prices and fuel shortages in some southern localities since early this year.

Petrol stations across Da Nang were crowded on Friday, March 11 as drivers rushed to fill up amid fears over fuel price surge. We witnessed many riders not just satisfied with filling up their motorbikes but filling large jerry cans as well.

Dr. Tran Xuan Quynh, a lecturer at the E-commerce Faculty of the Da Nang University of Economics warned over the danger and potential legal hazards of storing petrol at home as many people in Da Nang rushed to stockpile in the face of rapidly rising costs. Petrol is a dangerous substance, it is a highly flammable liquid and can give off vapour which can easily be set on fire, and when not handled safely has the potential to cause a serious fire or explosion, Mr Quynh said.

He also remarked that higher gasoline prices are a drag on the economy, and can impact everything from consumer spending to the transportation of those goods and services we rely on each day.

In the face of rising concerns about possible surge in prices of essential items, Mr Nguyen Van Loi, the Director of Winmart Da Nang said that his supermarket has till date yet to receive any suggestions to increase prices from its suppliers. Winmart Da Nang is offering consumers great deals on hundreds of items, including cosmetics, household appliances, and fresh foods in order to stimulate shopping demand.

In a similar move, the Co.opmart Da Nang has taken quick action to work with its suppliers on stockpiling goods as well as to launch discount programs. Specifically, such frozen foods as frozen caviar, frozen salmon head, frozen amberjack products, along with fresh basa file, cleaned black snakehead fish, chicken thighs, leg and shoulder of pork, plus vegetables like round red squash, cucumber, chayote, kale, green zucchini are on sale or special offer at the Co.opmart Da Nang. 

At Hoa Cuong Wholesale Market, the prices of vegetables, onions, and staples have been stable while costs of tomatoes, beans and more have dropped sharply because of their successful harvest season.

On March 10, on the basis of a proposal by the Ministry of Industry and Trade, advice from concerned ministries and the direction of Deputy Prime Minister Le Minh Khai, the Ministry of Finance has asked for permit from the national government to reduce the environmental taxes for petrol to VND 2,000 per liter, diesel, fuel oil, lubricating oil to VND 1,000 per liter, grease to VND 1,000 per kilogram, kerosene to VND 700 per liter. If this proposal is approved by the National Assembly Standing Committee, petrol prices will be reduced by VND 2,200 a liter (including VAT) and oil prices will also be gone down by VND 1,100 VND a liter, starting from April 1.

Reporting by QUYNH TRANG – Translating by H.L