A petrol station in Ha Noi. The local petrol prices were increased yesterday folliwng the rise in the world market. — VNA/VNS Photo Huy Hung

The retail prices of petrol and oil increased at 3pm on Thursday following the latest price review by the ministries of Industry and Trade, and Finance.

Bio-fuel E5 RON 92 went up VND882 to VND12,402 (US$0.53) per litre, and RON95 increased by VND890 to reach VND13,125.

The prices of diesel and kerosene went up by VND892 and VND875 to VND10,749 and VND8,757 per litre, respectively. The price of mazut was capped at VND9,492 per kilo, up VND947.

According to the two ministries, the average price of petrol and oil in the world market had seen strong increases in the 15-day period before the latest price review.

The two ministries said global petrol prices were $32.8 per barrel of petrol RON92 while the price of RON95 reached $35.6 per barrel, increasing 34 per cent and 35 per cent respectively.

Currently, the COVID-19 pandemic worldwide has been on a downward trend. Countries have begun implementing measures to boost production and business activities. Therefore, demand for goods, especially fuel and energy products have been increasing again, causing gasoline prices to increase sharply.

The two ministries also decided to use VND600 per litre of bio-fuel E5 and VND400 per litre of RON 95 from the petrol price stabilisation fund.

This has been the second consecutive increase after eight decreases so far this year.

In the latest adjustment on May 13, the prices of E5 RON 92 and RON 95 were increased by VND578 and VND604 per litre respectively. Meanwhile, the price of diesel was reduced by VND84 per litre, kerosene VND83 per litre and mazut VND125 per kilo. — VNS