Gasoline and oil prices increased for the third consecutive time

According to the joint adjustment of the Ministry of Industry and Trade - Ministry of Finance, from 3:00 p.m. today (November 1), the price of RON 95-III gasoline increased by 410 VND per liter, to 22,750 VND. E5 RON 92 gasoline also increased by 380 VND, to 21,870 VND. This is the third consecutive price increase of this product since mid-October until now.

Oil products also increased, with diesel at VND290 per liter; kerosene at VND120 and fuel oil at VND190 per kilogram. After adjustment, diesel has a new price of VND25,070; kerosene at VND23,780 and fuel oil at VND14,080.

Compared to January, each liter of RON 95-III gasoline is about 2,100 VND cheaper, while diesel is 6,800 VND more expensive.

People refuel on Tran Nao Street (HCMC), October 2022.Photo: Thanh Tung

Along with the price adjustment, the Ministry of Industry and Trade - Ministry of Finance not only applies to gasoline and oil; the deduction level for RON 95 and fuel oil is reduced while the deduction level for diesel and kerosene is kept the same. Specifically, the deduction level for RON 95-III gasoline is reduced from 400 VND to 300 VND; fuel oil is reduced by 208 VND to 500 VND.

Domestic gasoline prices have gone through 29 adjustments since the beginning of the year, including 15 increases and 14 decreases.

The situation of gas stations running out of gas or oil in Hanoi, Ho Chi Minh City and some other localities has continued to occur in recent days. Gasoline retailers reflect that the discount (the amount that the main business cuts back to traders and retail agents) is still very low, and the import of goods from the main business is difficult and small.

In Hanoi, two days before the price adjustment this afternoon, some gas stations hung signs saying "out of gas, still have oil"; others limited the amount sold to 30,000 - 50,000 VND per fill-up for motorbikes, and some gas stations even refused to sell to cars, saying "little imported goods".