Under the decision by the Ministry of Industry and Trade and the Ministry of Finance, the retail prices of E5 RON 92 and RON 95 rose VND334 and VND442 per litre to VND27,468 and VND28,434 respectively.
Prices of petroleum products have increased again from 3 pm, May 4
Diesel increased by VND171 per litre to VND25,530. Prices of kerosene were kept unchanged at VND23,828. Meanwhile, mazut oil increased by VND240 per kilo to VND21,560.
The ministries of finance and industry and trade have earmarked VND300 per litre from the petroleum price stablilisation fund for each litre of ERON 92, while the level is VND100 for each litre of kerosene. The ministries do not use the fund for mazut oil.
On April 21, the ministries also increased the prices of petroleum products following three consecutive drops.
The Ministry of Industry and Trade and Ministry of Finance have decided to adjust petrol prices every ten, instead of 15 days, to help keep domestic petrol prices more aligned with global fluctuations from January.
Under the new rules, petrol prices will be regulated on the 1st, 11th and 21st day of each month, putting prices onto a ten-day cycle. Industry insiders agree that this shorter period is necessary to keep up with world fluctuations.
