Impact of Energy Fuel Prices on Vietnam's Economy

In recent times, due to the impact of the Covid pandemic and international conflicts, the prices of various fuel types have experienced sudden changes. Although prices have stabilized somewhat compared to June and July, this has nevertheless affected the global economy.

This is no exception for Vietnam's economy. To better understand how automotive oil prices have impacted the market, please follow the article below to get useful information for yourself!

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Automotive oil prices have significantly affected Vietnam's economy

1. Global automotive oil price updates

Following the outbreak of the Covid pandemic, which had negative impacts on the economy, the sudden changes in fuel prices at the beginning of 2022 due to international conflicts have caused major fluctuations in fuel prices worldwide.

According to statistics, in 2021 the average world price of automotive oil and other fuels at gas stations was 1.03 USD/liter, which increased by 26% compared to the same period in 2020, and significantly higher than before the Covid pandemic emerged. This has led to inconsistent fuel prices across countries due to various factors such as export costs, demand, rising fees, and continuous market volatility. This has affected current automotive oil prices.

Specifically, according to updated information on fuel prices across countries, the United States currently has the highest gasoline prices, with an average of about 4.92 USD per gallon (equivalent to 4.54 liters) compared to 3.05 USD in 2021. Meanwhile, Venezuela maintains its position as the country with the cheapest gasoline in the world, at only 0.022 USD/liter (over 500 VND/liter), followed by several countries with abundant oil reserves such as Libya, Iran, Syria, Kuwait, Angola, and Nigeria.

The price difference between fuel across countries is quite significant.

In Southeast Asia, Malaysia is the country with the lowest gasoline prices, with automotive oil prices and gasoline at only 0.470 USD/liter (10,810 VND/liter), followed by Indonesia at 1.203 USD/liter.

In contrast, Singapore has exceptionally high fuel prices reaching 2.26 USD/liter (52,000