Petrol price reaches 74 US cents per litre
Petrol price reaches 74 US cents per litre
The domestic retail price of petroleum increased by VND304 to reach VND16,675 (74 US cents) per litre as of 7pm today, the Ministry of Industry and Trade (MoIT) said.
The price of E5 RON 92 biofuel also rose by VND301 to VND16,522 per litre. The prices of diesel and kerosene went up by VND163 and VND244 to VND12,672 and VND11,290 per litre, respectively.
The price of mazut was VND9,962 per kg, an increase of VND275. The MoIT and the Ministry of Finance also decided to increase the use of the price stabilisation fund for petrol and E5 RON bio-fuel by VND500 and VND450 per litre, respectively. Usage of the fund for diesel was higher at VND250 per litre, while kerosene accounted for VND360 per litre, and mazut VND400 per kg. During the previous price adjustment, the usage of the fund for all of the products was zero dong per litre or kilo.
The local retail price of petrol went up 12 times so far this year with the total increase amounting to VND5,500 per litre. The price also came down 9 times by a total of VND5,000 per litre while twice, it remained unchanged.
The retail petrol price in Singapore – the main petrol exporter for Viet Nam – was $58-60 per barrel. This was $3-5 per barrel higher than the previous price adjustment on November 19. The world price has been on the upward trend after OPEC’s decision to reduce output on November 30. Specifically, OPEC would cut 1.2 million barrels a day, equivalent to 4.5 per cent of its output and 1 per cent of the world’s total output.
Experts expected that the OPEC’s policy could have further effect on the energy market, pushing the petrol price up to $60 a barrel in the short-term.
During the previous adjustment, the prices of RON 92 petrol and bio-fuel E5 dropped VND521 and VND355 per litre, respectively.
The prices of diesel and kerosene also declined by VND514 and VND578 per litre, respectively.
Under the joint decision, RON 92 and E5 petrol is sold at no more than VND16,371 and VND16,221 per litre, respectively. The current ceiling prices of diesel and kerosene are VND12,509 and VND10,965 ($0.486) per litre, respectively.
