The domestic retail price of petroleum increased by VND319 to reach VND18,111 (79 US cents) per litre as of 3pm on Wednesday, the Ministry of Industry and Trade (MoIT) said.

The price of E5 biofuel also rose by VND297 to VND17,836 per litre. The prices of diesel and kerosene went up by VND491 and VND568 to VND14,441 and VND13,115 per litre, respectively. The price of mazut saw an increase of VND388 and was pegged at VND11,536 per kilogramme.

The MoIT and the Ministry of Finance decided to keep the price stabilisation fund for petroleum unchanged at VND110 per litre. Use of the fund for E5 RON 92 biofuel remained at VND90 per litre, while diesel was increased by VND180 per litre, kerosene by VND190 per litre and mazut by VND100 per kilogramme.

The local retail petrol prices have seen 17 adjustments, including a 7-time decrease in price. The petrol selling price was added at VND2,100 per litre.

In the latest adjustment on September 5, the price of RON 92 was increased by VND306 to VND17,792 per litre, while E5 bio-fuel rose by VND285 to VND17,539 per litre.

MoIT said the retail petrol price in Singapore — the main petrol exporter for Viet Nam — was $67 per barrel. This was $2 per barrel higher than the previous price adjustment.

The price of petrol on the world market was also increased on Monday. The price of crude oil was two cents higher, at $49.91 per barrel. — VNS