The retail price of bio-fuel E5 increased by VND320 per litre, while that of RON 92 rose VND293 per litre from 3pm on September 21 due to rising global prices.
The Ministry of Industry and Trade (MoIT) and the Ministry of Finance (MoF) announced that the prices of E5 must not be higher than VND20,331 per litre, while those of RON 95 should not be higher than VND21,770 per litre.
Meanwhile, the ceiling prices of diesel 0.05S, kerosene, and mazut 180CST 3.5 S are capped at VND18,126 per litre, VND16,638 per litre, and VND14,942 per litre, up VND57, VND124, and VND26 per litre, respectively.
The global oil and petrol prices have surged to US$86-91 a barrel. The price of RON 92, which is used to produce bio-fuel E5, increased from US$85.8 in the previous adjustment to US$86.8 per barrel.
The two ministries have also decided to keep the use of subsidies from the petrol price stabilisation fund unchanged. Subsidies for E5 RON 92 are VND1,563 per litre, while those for RON95, diesel, and kerosene are VND960, VND400, and VND300 per litre.
The fund has been used constantly in recent times to mitigate the impact of rising global prices and contribute to curbing the inflation rate.
Announcements regarding fuel price changes are scheduled every 15 days to keep up with swings in the global market.
This has been the second consecutive rise within nine months after ministries had tried to keep the selling price unchanged by using the price stabilisation fund.VNA