Petrol prices continue to scale up in latest review

The retail prices of oil and petrol rose sharply from 3 pm on April 17, following adjustments made by the Ministries of Finance and Industry and Trade.

Motorcyclists line up to buy petrol at a station of Petrolimex. (Photo: VNA)
Motorcyclists line up to buy petrol at a station of Petrolimex. (Photo: VNA)

The two ministries review fuel prices every 15 days to adjust domestic prices in accordance with swings in the global market.

Accordingly, the retail price of bio-fuel E5 RON 92 has been raised to a maximum level of VND19,703 (US$0.85) per litre, up VND1,115 (US$0.048) per litre; while that of RON95-III was raised to the ceiling price of VND21,235 (US$0.92), rising VND1,202 (US$0.052) per litre.

Meanwhile, the ceiling prices of diesel 0.05S and kerosene edged up VND297 (US$0.0127) and VND291 (US$0.0125) per litre to VND17,384 (US$0.75) and VND16,262 (US$0.7) per litre, respectively. Mazut 180CST 3.5S will be sold at no more than VND15,617 (US$0.67), up VND407 (US$0.017) per kg.

This is the second time since the Tet holiday that petrol prices have been strongly altered after the price stabilisation fund had to be used several times to keep prices steady.

The two ministries decided to lower subsidies from the petrol price stabilisation fund. Accordingly, subsidies for E5 RON 92 and RON95-III were cut to VND1,456 (US$0.06) and VND743 (US$0.03) per litre from VND2,042 (US$0.08) and VND1,304 (US$0.056) in the previous adjustment. The subsidy for mazut was lowered to zero from VND362 (US$0.016) per kg in the last adjustment.