The retail prices of RON 92 petrol and E5 bio-fuel remained unchanged at VND17,594 and VND17,322 2 per litre, respectively, at 3pm on Thursday.

In addition, the price for diesel increased by VND290 to VND14,047 per litre. The price for oil increased by VND347 to VND12,600 per litre, while that of mazut increased by VND496 to VND11,623 per litre.

The ministries of industry and trade and finance also decided to increase the use of the petrol price stabilisation fund from 0 đồng to VND300 per litre. Accordingly, RON 92 petrol was subsidised by VND503 per litre and E5 bio-fuel was reduced by VNĐ514 per litre. The fund is not used or mazut, diesel and oil.

This is the second time this year that retail petrol prices have been kept stable. The ministry said the move aimed at supporting increased transport and purchasing demand during the upcoming Tet (Lunar New Year) Holiday, thus curbing inflation and stabilising the macro-economy.

Last year, petrol retail prices were adjusted 24 times, increasing 13 times by a total VND6,000 per litre, decreasing nine times by a total of VND4,463 per litre and remaining unchanged twice. Petrol price this year is VND1,000 higher than the beginning of last year.

The finance ministry also said average petrol price in the world market over the past 15 days had slightly increased by $1 to $66.707 per barrel.

Petrolimex posts VND15 billion reduction of stabilisation fund

Viet Nam National Petroleum Group (Petrolimex) yesterday posted a balance of VND1.79 trillion for its price stabilisation fund, reducing VND15 billion from its latest announcement on January 4. — VNS