Petrol prices increased in latest adjustment

Tuesday, Jul 02, 2019 17:57

The retail prices of oil and petrol rose on Tuesday after three consecutive decreases. — Photo

The retail prices of oil and petrol were increased on Tuesday afternoon after three consecutive decreases following adjustments made by the ministries of finance, and industry and trade.

The two ministries review fuel prices every 15 days to keep domestic prices up to date with the global market. The retail price of bio-fuel E5 RON 92 has been raised to a maximum of VND19,653 (US$0.84) per litre, up VND420, and that of RON 95 was set at no more than VND20,517, up VND383.

The ceiling 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.

The price of ethanol E100, which is used to calculate the price of E5 RON 92 after the elimination of petrol RON 92, stood at VND14,725 per litre without VAT.

According to the ministries, in the 15 days before April 2, the global price of RON 92, which is used to produce biofuel E5, averaged $75 per barrel. Prices of RON95 were $76.43 per barrel, 4 to 5 per cent higher than in the previous period.

The two ministries decided not to use subsidies from the petrol price stabilisation fund.

The ministries said average petrol prices around the world in the past fortnight were on an upward trend to $67.69 a barrel for RON92, up 5.3 per cent from the previous adjustment and $69.31 per barrel of RON95, up 4.6 per cent.

In the last adjustment, prices were sharply reduced. The price of RON95 was decreased by VND1,085 while that of E5 RON 92 was lowered by VND986 per litre. — VNS

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