Petrol price increased for the third consecutive time

Petrol price increased for the third consecutive time. The Ministry of Industry and Trade has decided to keep the price of the petrol price stabilisation fund unchanged at VND300 per litre. — Photo kienthuc.net.vn

HA NOI (Biz Hub) — The Ministry of Industry and Trade increased the retail price of fuel on September 20.

According to a decision sent to wholesale petrol businesses, the selling prices of RON 92 and E5 bio-fuel increased by VND156 and VND145 to close at VNĐ16,232 (US 72 cents) and VND15,981 per litre, respectively.

The price of diesel oil and kerosene went down VND133 and VNĐ99 to become VND12,255 and VND10,886 per litre, respectively. The price of mazut rose 4 dong to reach VND 9,343 per kilogram.

This has been third consecutive increase of a total amount of VND1,600 per litre after four decreases so far this year.

The ministry also decided to keep the price of the petrol price stabilisation fund unchanged at VND300 per litre.

It said that the average petrol price on the world market over the past 15 days was over $55.5 a barrel, increasing $0.80 a barrel over the previous fortnight.

Previously, a petrol trader in HCM City said that the retail price was VND300 per litre higher than the base price.

He said that retail fuel prices in the country had been on the upward trend since August.

He added that the special consumption tax on petrol has made considerable changes since August 19 after Decree 100/2016/ND-CP took effect.

Accordingly, the tax would be calculated on selling prices instead of import prices. The calculation has added to the petrol price by VND100-200 per litre.

According to statistics from the General Department of Customs, in the first eight months of the year, the country imported around 7.96 million tonnes of petroleum for a total of $3.1 billion, increasing 23 per cent in terms of quantity and reducing 16 per cent in terms of value from the same period last year.

Notably, Viet Nam's petrol traders have imported mainly from countries with preferential tariffs such as Singapore (3.05 million tonnes, increasing 12.3 per cent), South Korea (1.06 million tonnes, increasing 670 per cent) and Malaysia (2.23 million tonnes, increasing 500 per cent) from the corresponding period last year.

The petrol imports from China and Thailand have seen a sharp decline. — VNS