Petrol prices increased to VND17,366 per litre
Petrol prices increased to VND17,366 per litre
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 the use of the price stabilisation fund for petroleum unchanged at VND639 per litre. Usage of the fund for E5 RON 92 biofuel remained at VND672 per litre, while diesel was VND846 per litre, kerosene was VND1,029 per litre and mazut was VND323 per kg.
The retail petrol price in Singapore — the main petrol exporter for Viet 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, decreased four times and remained unchanged three times this year.
Earlier during the National Assembly session on Saturday, deputy minister of Industry and Trade Do Thang Hai said petroleum prices were managed 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 every 15 days, thus creating transparency. The retail petroleum prices have been calculated based on taxes, fees and average price in the Singaporean market,” Hai added.
