The price adjustment came following a joint decision by the Ministry of Finance and Ministry of Industry and Trade on May 20.
The two ministries stated that as of May 18, the import price of RON 92, a popular type of fuel with motorbike drivers, was higher than the domestic retail price by more than VND2,200 per litre.
A litre of RON 92 and RON 95 petrol is now priced at VND20,430 and VND21,030 respectively, while the prices of diesel oil and kerosene remained unchanged.
At the same time, the Ministry of Finance cut the import tariffs on diesel from 12% to 10%, kerosene from 20% to 13% and mazut from 13% to 10%.
Since the start of the year, petrol prices have seen three increases totalling VND4,750 per litre.
