The retail price of bio-fuel E5 RON 92 rose VND320 to VND20,231 (US$0.87) per litre at 3pm Friday due to rising global prices, the ministries of Industry and Trade and Finance announced.
The price of RON 95 also rose by VND293 to VND21,770 per litre, while the prices of diesel and kerosene went up by VND57 and VND124 to VND18,126 and VND16,683 per litre, respectively.
The price of mazut increased by VND26 to VND14,942 per kilo.
According to the Ministry of Industry and Trade (MoIT), global oil and petrol prices have surged to $86-91 a barrel.
The price of RON 92, which is used to produce bio-fuel E5, increased from $85.8 in the previous adjustment to $86.8 per barrel.
The price of ethanol E100, which is used as the basis for the calculation of the price of bio-fuel E5 RON 92 after the elimination of petrol RON 92, stood at VND14,876 per litre without value added tax.
The two ministries have also decided to keep the use of subsidies from the petrol price stabilisation fund unchanged. Subsidies for E5 RON 92 were at VND1,563 per litre, while those for RON 95 were raised from VND960 per litre. Subsidies for diesel were VND400 and VND300 per litre respectively.
Announcements regarding fuel price changes are scheduled every 15 days to keep up with swings in the global market.
This has been the second consecutive rise within nine months after the ministries kept the selling price unchanged by using the price stabilisation fund.
On Thursday, the National Assembly Standing Committee issued a resolution to increase the environmental protection tax on gasoline by VND1,000 (4 US cents) to VND4,000 per litre. — VNS