Explain the increase of gasoline prices in Vietnam recently

During the fourth wave of the COVID-19, what has made Vietnamese people panic in recent times is not only the outbreak of the disease but also the "increase of gasoline prices in Vietnam". In just one month, retail petrol prices on the domestic market have increased three consecutive times, with the latest rise on February 11. This is "hot" information, everywhere from traditional to electronic newspapers. All over social networking sites, people are racing to discuss the high price of gasoline. So why does this happen? Vietnam’s gasoline and oil prices have been increasing sharply due to several reasons. As Vietnam opens up along with other countries practicing a "live with the virus" approach, many governments have lifted restrictions to reopen their economies and resume production, increasing fuel demand and resulting in higher prices. Secondly, because the Organization of Petroleum Exporting Countries (OPEC) still limits oil production instead of increasing output, supply is limited. Third, political uncertainty and geopolitics occurring in some areas such as the Russia -Ukraine crisis have also indirectly pushed up prices. Last but not least, the spike in Vietnam’s fuel prices was further accentuated by domestic gasoline shortages as the Nghi Son Oil Refinery, Vietnam’s largest refinery, cut production by 20 percent since January due to financial problems. While it has secured temporary investment, there are fears that it may have to shut down if the refiner fails to secure enough liquidity or loans to pay for Kuwaiti crude to feed its operation. However, fuel price hikes and supply are likely to be a concern in the medium term due to the reasonable cost between Russia and Ukraine and the possible effects of Western sanctions. It will be a wait-and-watch scenario. Therefore, we should face challenges and be prepared for the next price increase.