Petrol price hits record level in latest adjustment

Monday, May 23, 2022 17:07

A gas station in Ha Noi on Monday. — VNA/VNS Photo Tran Viet

The retail price of oil and petrol continued to rise from May 23 following the latest adjustment by the Ministry of Industry and Trade and Ministry of Finance.

Accordingly, from 3pm, the price of RON95 bio-fuel RON95 was raised by VND670 to VND30,650 (US$1.32) per litre, making a new record, while E5 RON92 rose by VND680 to VND29,630 ($1.28) per litre.

Meanwhile, the price of diesel oil was down by VND1,100 to VND25,550 ($1.1) per litre. A decrease of VND660 per litre was also seen in the price of kerosene to VND24,400 ($1.05).

Since the beginning of the year, the retail price of petrol has been adjusted up nine times and down only three times.

According to the General Statistics Office , the hike in petrol prices was the major factor pushing up the Consumer Price Index (CPI) in the first four months of this year. Domestic petrol prices surged 48.84 per cent year on year, which led to a 1.76 percentage point rise in CPI.

The average CPI for the first four months of this year rose 2.1 per cent year on year, higher than the 0.89 per cent recorded in the same period last year but lower than the increases in the January-April period in 2017-20.

Core inflation was also up 0.97 per cent. — VNS

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