The retail price of biofuel E5 RON 92 rose VND500 to VND19,940 (US$0.87) per litre at 3pm today, the Ministries of Industry and Trade and Finance announced.
The price of RON 95 also rose by VND600 to VND21,511 per litre, while the prices of diesel and kerosene went up by VND587 and VND523 to VND17,694 and VND16,440 per litre, respectively.
The price of mazut increased by VND678 to VND14,437 per kilo.
According to the Ministry of Industry and Trade (MoIT), global oil and petrol prices are on a surge due to political instability in the Middle East and a sharp drop in petrol supply from Venezuela.
The price of RON 92, which is used to produce biofuel E5, increased from $81,890 in the previous adjustment to $89,780 per barrel on May 22 – the highest level in the last few years.
The price of ethanol E100, which is used as the basis for the calculation of the price of biofuel E5 RON 92 after the elimination of petrol RON 92, stood at VND14,916 per litre without value added tax.
The two ministries have also decided to increase the use of subsidies from the petrol price stabilisation fund. Subsidies for E5 RON 92 were hiked from VND958 to VND1,425 per litre, while those for RON 95 were raised from VND451 to VND831 per litre. Subsidies for diesel grew from VND200 to VND300 per litre, while kerosene and mazut subsidies remained unchanged at VND200 per litre.
Announcements regarding fuel price changes are scheduled every 15 days to keep up with swings in the global market. — VNS
PV Oil’s E5 RON 92 consumption on the rise
The total consumption of biofuel E5 RON 92 of Viet Nam Oil Corporation (PV Oil) in the first four months of the year posted a 3.6 per cent year-on-year rise, reaching 193,000cu.m tonnes. From that, the retail amount was 80,000 cu.m tonnes, up 2.5 times from the corresponding period last year.
Cao Hoai Duong, PV Oil general director, said the retail amount of E5 RON 92 at its 540 petrol stations reached 59 per cent, while the remaining amount represented sales of RON 95.
PV Oil has invested in infrastructure for the mass sale of E5 RON 92 for years.
The corporation also supports the MoIT’s proposal to develop biofuel, Duong said. — VNS