The retail prices of petrol and oil continued to increase in the latest review. — Photo moit.gov.vn

The retail prices of petrol and oil increased in the latest review of the ministries of Industry and Trade and Finance at 5pm on Wednesday.

The retail price of bio-fuel E5 RON 92 went up VND626 to VND20,279 (US$0.87) per litre, and that of RON95 hit VND21,235 ($0.91), up VND718.

The prices of diesel and kerosene went up by VND48 and VND21 to VND16,997 and VND15,659 per litre, respectively. The price of mazut was capped at VND15,980 per kilo, up VND760.

The two ministries said they review fuel prices every 15 days to keep domestic prices up to date with the global market.

In the past fortnight, global petrol prices hit $72.19 a barrel of petrol RON92, up 6.53 per cent from the previous adjustment. The price of RON95 was 7.48 per cent higher at $74.50 a barrel.

The two ministries also decided not to use petrol price stabilisation fund or increase retail prices to ensure local prices follow the world market as well as control inflation.

The balance of Petrolimex’s price stabilisation fund as of Wednesday was negative VND240 billion, Petrolimex said on its website.

This was the second increase of the petrol retail price this month.

In the previous adjustment, the retail price of bio-fuel E5 RON 92 hit VND19,653 per litre, up VND420, and that of RON 95 rose to VND20,517, up VND383.

The prices of diesel and kerosene went up by VND292 and VND326 to VND16,949 and VND15,937 per litre, respectively. The price of mazut was capped at VND15,220 per kilo, up VND105. — VNS