Domestic retail petrol prices hit three-year high

Domestic retail petrol prices rose by more than VND500 per litre on average as of 3pm on September 25 following the latest price adjustments made by both the Ministry of Industry and Trade and the Ministry of Finance.

Domestic retail petrol prices rose by more than VND500 per litre on average as of 3pm on September 25 following the latest price adjustments made by both the Ministry of Industry and Trade and the Ministry of Finance.

Domestic retail prices of petrol and oil have kept rising for the second time during the past month. (Illustrative image)

This latest change has seen the retail price of E5 RON 92 bio-fuel record a rise of VND573 per to hit VND20,716 per litre, while that of RON 95 increased by VND548 to peak at VND21,945 per litre.

Furthermore, the selling price of diesel 0.05S was capped at VND16,586 per litre, while the prices of kerosene and mazut oil stood at VND15,643 per litre and VND16,580per kilo, respectively.

Retail petrol prices have therefore witnessed an increase for the second consecutive time over the past month, with the price of E5 RON 92 bio-fuel rising to its highest level since October, 2018.

During the latest price adjustments, the two ministries decided to use the Price Stabilization Fund for RON 95 at VND150 per litre, diesel and kerosene at VND200 per litre and mazut oil at VND100 per kilo.

Both ministries meet every 15 days to review fuel prices and make relevant adjustments to keep domestic prices in line with global market fluctuations.