Gasoline prices in Vietnam are quite high compared to the average income.
After several price increases, the current price of A92 gasoline in Vietnam is 20,436 VND/liter. Converted to USD, this price is even higher than in the US.
According to the global fuel price news website Globalpetrolprices.com, as of June 1, 2015, the price of gasoline in Vietnam was $0.98/liter, higher than in the US ($0.78/liter), and approximately equal to that in Canada ($1.03/liter).
In the comparison table of gasoline prices from February 23, 2015 to June 1, 2015, domestic gasoline prices tended to increase, while countries with already high prices such as Germany, the UK, and New Zealand tended to remain stable.
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| This table compares gasoline prices between Vietnam and several other countries where prices are high. (Image: Globalpetrolprices.com) |
During the period Globalpetrolprices.com monitored, the average gasoline price in Vietnam was $0.84/liter, increasing from $0.75 on February 23, 2015 to $0.97/liter on May 25, 2015. Most recently, on June 4, 2015, following the regular gasoline price adjustment cycle, the Ministry of Finance and the Ministry of Industry and Trade decided to maintain the current gasoline price.
Compared to other countries in Southeast Asia – a region with some of the world's largest crude oil potential – gasoline prices in Vietnam are also quite high relative to per capita income.
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| Vietnamese gasoline price list converted to USD from February 23, 2015 to June 1, 2015. (Image: Globalpetrolprices.com) |
Specifically, in Vietnamese Dong, the price of gasoline in Vietnam is 20,436 VND/liter, while the average per capita income is 3.8 million VND/month. In the Philippines, where the average per capita income is 4.5 million VND/month, the price of gasoline is only 21,690 VND/liter. Indonesia has a relatively low price of 15,045 VND/liter, while its average per capita income is not much lower than Vietnam's: 3.2 million VND/month.
In Southeast Asian countries with high per capita incomes such as Thailand and Singapore, gasoline prices are also slightly higher: Thailand has a per capita income of 7.8 million VND/month, with a gasoline price of 23,113 VND/liter, while Singapore has a per capita income of 75.5 million VND/month, with a gasoline price of 35,760 VND/liter.
According toVov.vn