Vietnam has raised the retail prices of gasoline and diesel to be in line with global markets amid a rising global demand and a declining production output.
The Vietnamese Ministry of Industry and Trade has announced that gasoline prices increased by 2.1% to reach VND23,818/l (US$1.01/l) for RON95 biofuel, and 1.7% to VND22,806/l (US$97c/l) for E5 RON92. Diesel prices increased by 1.24% to VND20,502/l (US$87c/l) while kerosene increased by 1.20% to VND20,715/l (US$88c/l).
In addition, Vietnam has announced that it is planning to increase the national reserves of crude oil and oil products from the current 9 days to 15 days of net imports by 2025 and 30 days by 2030, to ensure its energy security. The country would need VND4,100bn (US$175m) for the expansion of its fuel buffer.
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.