Gasoline prices rise after two earlier cuts
Prices of fuels on the local market picked up by VND255-VND350 per liter from 3 p.m. yesterday, following two previous price reductions, according to an announcement jointly released by the ministries of Industry and Trade and Finance.
Bio-fuel E5 RON92 edged up VND255 per liter to the ceiling price of VND19,507, while RON95-III petrol rose VND351 per liter to VND20,796.
Meanwhile, prices of diesel oil 0.05S, kerosene, and heavy fuel oil declined by VND94, VND169, VND575 per liter or kilogram during this price adjustment and now are traded at VND15,963, VND14,968 and VND11,942, respectively.
Local fuel traders were required to extract VND100 for each liter of bio-fuel E5 RON92 or diesel oil sold to consumers to replenish the national fuel price stabilization fund. The respective extraction levels for each liter/kilogram of RON95 petrol, kerosene and heavy fuel oil sold were VND300, VND100 and VND900.
Also, trading firms were allowed to tap VND250 from the fund for each liter of gasoline sold. In the previous price adjustment on October 31, all fuel products were not subsidized by the fund.
Accordingly, the fund has been increased to prepare for stabilizing local fuel prices during the year-end months and the upcoming Tet holiday. The ministries also keep a gap between the prices of the bio-fuel E5 RON92 and RON95 petrol to encourage the use of the bio-fuel among consumers.
Data from the Ministry of Industry and Trade indicated that global gasoline prices over the last 15 days were chiefly on an upward trend, while oil prices were mostly traded in negative territory.