Domestic retail price of petroleum increased by VND306 to reach VNĐ17,792 (79 US cents) per litre as of 3pm on Tuesday, the Ministry of Industry and Trade (MoIT) said.— Photo dantri.com.vn

Domestic retail price of petroleum increased by VND306 to reach VNĐ17,792 (79 US cents) per litre as of 3pm on Tuesday, the Ministry of Industry and Trade (MoIT) said.

The price of E5 RON 92 biofuel also rose by VND285 to VND17,539 per litre. The prices of diesel and kerosene went up by VND155 and VND149 to VND13,950 and VND12,547 per litre, respectively. The price of mazut was VND11,148 per kg, an increase of VND43.

The MoIT and the Ministry of Finance also decided to keep using the price stabilisation fund for petroleum unchanged at VND110 per litre. Usage of the fund for E5 RON 92 biofuel remained at VND90 per litre, while diesel was VND90 per litre, kerosene was VND185 per litre and mazut was VND323 per kg.

Retail petrol price in Singapore — the main petrol exporter for Viet Nam — was $64 per barrel. This was $4 per barrel higher than the previous price adjustment on August 19.

Petrol price has been on an upward trend in the global market. Price of petrol in the United States hit a two-year record high as a result of Storm Harvey last month.

Petrol price in the United States has been at $2,519 per gallon. Oil refineries cut some 25 per cent of oil, equivalent to 4.4 million barrels, per day.

Local retail price of petrol has been adjusted 17 times this year, including seven times when it was decreased, while the remaining times was either an increase or it was kept unchanged.

This is the fourth consecutive increase this year following four previous reductions

In the latest adjustment, petrol price increased by VND461 per litre to VND17,486. — VNS