The retail prices remained unchanged on April 20. — File Photo

HA NOI (Biz Hub) —  The retail prices of RON 92 petrol and E5 bio-fuel remained unchanged at VND14,940 and VND14,442 per litre, respectively, at 4pm on April 20.

The ministries of industry and trade and finance also decided to keep the use of the petrol price stabilisation fund stable. Accordingly, RON 92 petrol is subsidised by VND639 per litre, E5 bio-fuel by VND672 per litre, diesel by VND560 per litre and oil by VND878 per kilo, whereas the fund is not used at all for mazut.

In addition, the price for diesel increased by VND500 per litre to VND10,373 per litre. The price for oil was maintained at VND8,905 per litre, while that of mazut increased by VND335 to VND7,560 per litre.

The retail petrol prices have seen two consecutive increases since the beginning of March, amounting to a total of VND1,200. In the recent adjustment, the prices were increased by VND518 per litre to VND14,940 per litre.

The Finance Ministry also said the average import tax on RON 92 petrol in the second quarter was 18.35 per cent, slightly higher than the previous quarter. The import tax for diesel was 2.32 per cent, while that of mazut and oil were both zero per cent.

Statistics from the General Department of Customs showed Viet Nam imported 702,000 tonnes of petrol, worth US$283 million, in the first quarter of the year, representing an 11.5 per cent reduction from the same period last year.

Nguyen Anh Tuan, working in the ministry's Price Management Department, said the calculation of petroleum import tax, based on the weighted average of the tariffs, could reduce the current shortcomings of having several tax levels levied against petrol.

Tuan said petrol management has ensured transparency, following world market trends. — VNS