Fuel prices hiked on increase in global prices
Fuel prices hiked on increase in global prices
The retail price of biofuel E5 RON 92 rose VND429 to VND18,672 (US$0.82) per litre from 3pm Friday afternoon, per an announcement by the ministries of industries and trade and finance.
This was the first increase in retail petrol price from the beginning of this year when biofuel E5 RON 92 completely replaced petrol RON 92 in Viet Nam.
Diesel oil increased by VND430 to VND15,959 per litre, kerosene rose VND448 to VND14,560 per litre and mazut oil inched up VND150 to VND12,765 per kilogramme.
According to the Ministry of Industry and Trade, global oil and petrol prices were on an uptrend. The price of RON 92 which was used to produce biofuel E5 was at $77.35 per barrel on January 10 – the highest level since 2016.
Prices of petrol RON 95 have seen significant increase by retailers after the elimination of petrol RON 92.
Petrol RON 95 was sold at up to VND20,990 per litre, according to petrol retailer Petrolimex.
Prices of RON 95 of Euro 3 emission standard and Euro 4 emission standard were now higher than biofuel E5 RON 92 by VND1,850 and VND2,050 per litre, respectively, triggering concerns that this was intended to promote the sale of biofuel.
Recently, Deputy Prime Minister Vuong Dinh Hue asked the two ministries to closely monitor the consumption of biofuel E5 RON 92 and RON 95 – the only two types of petrol in the market - in the first quarter of this year to announce basic prices.
Reviews of fuel prices are set to be announced every 15-days to keep up with swings in the global market.
