People wait to fill up their petrol tanks at petrol station in Ha Noi. — Photo tintucplus.vn
Domestic petroleum retail price surged by VND919 per litre to VND17,594 (77 US cents) per litre as of 3pm on December 20, the Ministry of Industry and Trade (MoIT) said.
The price of E5 RON 92 biofuel also rose by VND800 to VND17,322 per litre. The prices of diesel and kerosene went up by VND763 and VND734 to VND13,433 and VND11,943 per litre, respectively.
The price of mazut was VND10,634 per kg, an increase of VND672. The MoIT and the Ministry of Finance also decided to increase the use of the price stabilisation fund for petrol and E5 RON bio-fuel by VND600 per litre. Usage of the fund for diesel was higher at VND250 per litre, while kerosene accounted for VND450 per litre and mazut was at VND550 per kg.
The local retail price of petrol has gone up 13 times, so far, this year, with the total increase amounting to VND6,500 per litre. The price also came down nine times by a total of VND5,000 per litre, while twice it remained unchanged. Today’s adjustment was the last adjustment and has been one of the surges witnessed this year.
The ministry also said imported petroleum price has seen a continuous increase in the past fortnight. Retail petrol price in Singapore – the main petrol exporter for Viet Nam – was $63,32 per barrel. This was $5 per barrel higher than the previous price adjustment on December 5.
Viet Nam National Petroleum Group yesterday reported that its balance in the price stabilisation fund was estimated at more than VND1.8 trillion, reducing by VND10 billion from the previous adjustment.
It is expected that the increase of the usage from the fund would continue reducing the petrol wholesalers’ funds in the upcoming adjustment. — VNS