Recent Fuel Price Increases

In a significant uptick, the price of RON95 gasoline has risen by 1.22%, now costing VND21,500 (US$0.82) per liter. Similarly, Biofuel E5 RON92 has seen a 1.36% increase, reaching VND20,910, while diesel prices have climbed by 2.87% to VND19,700.

Underlying Causes

The Ministry of Industry and Trade attributes these hikes to a combination of geopolitical tensions, including the ongoing conflict between Israel and Iran in the Middle East and the prolonged Russia-Ukraine situation. These factors have notably impacted fuel prices over the past week.

Global Market Trends

On the international front, the average price for a barrel of RON95 gasoline has increased by 1.4% to $86.3, with diesel experiencing a more substantial rise of 3.2%, reaching $92.4 per barrel.