The domestic retail price of petroleum increased by VND303 to reach VND17,366 (77 US cents) per litre as of 3pm on Monday, the Ministry of Industry and Trade (MoIT) said.

The price of E5 RON 92 biofuel also rose by VND283 to VND17,154 per litre. The prices of diesel and kerosene went up by VND225 and VND326 to VND13,485 and VND12,118 per litre, respectively. The price of mazut was VND11,035 per kg, an increase of VND139.

The MoIT and the Ministry of Finance also decided to keep using the price stabilisation fund for petroleum unchanged at VNĐ639 per litre. Usage of the fund for E5 RON 92 biofuel remained at VNĐ672 per litre, while diesel was VNĐ846 per litre, kerosene was VNĐ1,029 per litre and mazut was VNĐ323 per kg.

The retail petrol price in Singapore — the main petrol exporter for Việt Nam — was $62.7 per barrel. This was $2 per barrel higher than the previous price adjustment on May 20.

The local retail price of petrol has increased three times and decreased four times this year.

Earlier during the National Assembly session on Saturday, deputy minister of Industry and Trade Đỗ Thắng Hải said petroleum prices were regulated by the market mechanism. This has been shown by transparency in announcing prices and supply resources with 30 local direct importers, thus ensuring healthy competition.

“The management of the petroleum market under the Decree No 83 has also improved its effectiveness with the price adjustment carried out every 15 days, thus creating transparency. The retail petroleum prices have been calculated based on taxes, fees and average price in the Singaporean market,” Hải added. — VNS