The ministries of industry and trade and finance on Saturday raised retail petrol prices for the first time in 2017.

According to the latest decision by the two ministries, the retail price of RON 92 petrol increased by VND504 to trade at a maximum of VND18,098 (80 US cents) per litre.

The prices of E5 bio-fuel rose by VND496 to trade at VND17,818 per litre; 0.05S diesel was traded at the maximum price of VND14,305 per litre; and kerosene was traded at maximum VND12,758 per litre.

The new prices came into effect at 3pm on Saturday.

The two ministries also decided to reduce the use of the petrol price stabilisation fund for RON92 petrol and E5 bio-fuel. Accordingly, subsidies for RON92 petrol and E5 bio-fuel were set at VND300 each per litre, a decrease of VND269 per litre and VND277 per litre, respectively.

According to the ministries, retail petrol prices were increased because the average global petrol prices in the 15 days prior to Saturday was about $68 for each RON92 barrel and about $66 for each 0.05S diesel barrel, an increase of $1 from the last adjustment.

This was also the first time this year that retail petrol prices were increased after they had remained unchanged after three revisions.

Last year, petrol retail prices were adjusted 24 times, increasing 13 times by a total VND6,000 per litre, decreasing nine times by a total of VND4,463 per litre and remaining unchanged twice. The price of petrol this year is VND1,000 higher than the beginning of last year. — VNS