The ministries of industry and trade and finance decided to raise retail petrol prices as of 3pm on Thursday.

The retail prices of all petroleum products were increased by VND350. Accordingly, RON 92 petrol will trade at a maximum price of VND17,583 (78 US cents) per litre and E5 bio-fuel will trade at VND17,382 per litre.

0.05S diesel will trade at a maximum price of VND13,819 per litre and kerosene at VND2,338 per litre, while mazut will be traded at VND10,966 per kilo.

The two ministries also decided to reduce the use of the petrol price stabilisation fund for RON92 petrol and E5 bio-fuel. Accordingly, subsidies for RON92 petrol and E5 bio-fuel were set at VND300 and zero dong per litre respectively.

The ministries said retail petrol prices were increased because the average global petrol price in the 15 days prior to Thursday was some $66 per RON92 barrel, an increase of $4 from the last adjustment.

Deputy Minister of Industry and Trade Ho Thi Kim Thoa, at a conference earlier this week, said petroleum prices have been controlled following market movement. In addition, the balance of the price stabilisation fund was more than VND2 trillion.

Deputy Prime Minister-cum-head of the price management board Vuong Dinh Hue asked the two ministries to calculate the effects of the petrol price adjustment on the local market and the use of the price stabilisation fund. The ministries were also required to study the revision of Government Decree No. 83 on petroleum trading.

Local petroleum prices have been adjusted seven times, so far, this year, including an increase of VND504 on February 18.

In the last adjustment, the petroleum price was reduced by VND81 to VND17,233 per litre, while E5 was decreased by VND67 per litre to VND17,032. — VNS