In a recent adjustment effective today, July 23, gasoline prices in Vietnam have been raised, with E10 gasoline now priced at 21,435 VND per liter. The Ministry of Industry and Trade, along with the Ministry of Finance, announced this increase, which reflects a rise of 885 VND per liter for E10 gasoline. Additionally, the price of E5 gasoline has increased by 1,062 VND per liter, now capped at 20,888 VND per liter.

Diesel prices have experienced an even steeper rise, increasing by 2,439 VND per liter, bringing the new price to a maximum of 25,768 VND per liter. The price of mazut oil has also gone up, increasing by 1,103 VND per kilogram, with a new maximum price of 15,562 VND per kilogram.

In this latest price adjustment, the government has opted not to allocate funds from the price stabilization fund for gasoline and oil. Instead, to mitigate the impact of rising fuel prices, the ministries decided to utilize the fund, applying a reduction of 1,000 VND per liter for biofuel and 1,500 VND per liter for diesel, as well as 1,000 VND per kilogram for mazut.

In the previous adjustment on July 20, E10 gasoline saw an increase of 547 VND per liter, while E5 gasoline rose by 635 VND per liter. Diesel prices were also adjusted upward by 1,584 VND per liter, and mazut prices increased by 724 VND per kilogram.

According to the Ministry of Industry and Trade, the retail prices of gasoline and oil in Vietnam remain lower than those in several neighboring countries. In related news, the Ministry has finalized a draft decree on gasoline and oil trading, aiming to enhance the autonomy of businesses while reducing state intervention. This new regulation will allow businesses to determine and announce wholesale and retail prices based on established formulas, while still adhering to legal pricing regulations.

The Ministry believes that this approach will help prevent unreasonable price hikes, as businesses will be required to declare their prices in accordance with the Law on Prices, allowing for regulatory oversight.