Petrol price surged by VNĐ675 per litre

Friday, Aug 19, 2016 20:07

The domestic retail price of petroleum increased by VNĐ675 to touch VNĐ15,374 per litre at 3pm yesterday. — Photo

HA NOI (Biz Hub) — The domestic retail price of petroleum increased by VND675 to touch VND15,374 per litre at 3pm yesterday, the Ministry of Industry and Trade (MOIT) said.

The price of E5 RON 92 biofuel also rose by VND975 to VND15,225 per litre. The prices of diesel and kerosene went up by VND253 and VND200 to VND11,914, VND10,496 per litre, respectively. The price of mazut was VND8,837 per kilogram, increasing by VND214.

The price of E5 RON 92 biofuel rose due to the change in calculation of special consumption tax.

Statistics from the MOIT revealed the retail petrol price in the world over the past 15 days has risen to more than US$50.09 per barrel.

The MOIT and the Ministry of Finance (MoF) also decided to keep the price stabilisation fund unchanged at 0 dong per litre.

In the second quarter of the year, the two ministries asked petrol traders to maintain retail prices and use the price stabilisation fund to offset the difference of retail and basis prices.

The MoF on Thursday also announced that by the end of June, the total balance of the fund was VND1.49 trillion, much lower than that of the beginning this year at VND3.97 trillion.

The ministry said by the end of the second quarter of the year, most petrol traders reported the fund's negative balance. Only big wholesalers reported big balances such as Viet Nam National Petroleum Group (Petrolimex) with VND1.42 trillion, Military Petroleum Corporation with VND218.5 billion and Sai Gon Petro with VND172.3 billion.

In the previous adjustment on August 4th, the retail price of petroleum was reduced VND600 to VND14,690 per litre while other products were also reduced VND371 to VND637 per litre.VNS

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