A petrol station on Trần Quang Khải Street, Hà Nội. The petrol retail price was raised by VNĐ599 yesterday, the highest increase so far this year. — VNS Photo Thái Hà
As of 3 pm on Friday, the Ministry of Industry and Finance and the Ministry of Trade raised the retail price of RON92 petrol by VND599 to VND17,025 (US$0.75) per litre.
The price of E5 bio-fuel also rose by VND572 to VND16,823 per litre while the price of 0.05S diesel increased by VND466, to a maximum price of VND13,795 per litre. The price of kerosene rose by VND462 to VND12,398 per litre while the price of mazut was VND264 higher at VND11,097 per kilo.
These fuel price rises have been the highest so far this year.
The two ministries also decided to increase the use of the petrol price stabilisation fund for petroleum products. The subsidies for RON92 petrol and E5 bio-fuel were subsequently set at VND110 and VND90 per litre respectively, while kerosene and diesel were set at VND110 and VND70 per litre respectively. However, the subsidies for mazut are not drawn from the fund. This has been the first time that the two ministries have decided to use the Petrol Price Stabilisation Fund, to avoid surges in retail petrol prices.
According to both ministries, retail petrol prices were increased because the average global petrol prices in the 15 days prior to Friday was around $61.7 for each barrel of RON92, an increase of $4 from the last adjustment.
This has been the 15th petrol retail price adjustment so far in the current year, including eight price increases and seven reductions.
The balance of Petrolimex’s petrol price stabilisation fund on Thursday was VND2.8 trillion, increasing VND119 billion in comparison with the he previous adjustment. — VNS