Domestic retail petrol prices hit seven-year peak
Domestic prices of E5 RON 92 and RON 95 have reached all time high after both ministries decided to raise their retail prices by nearly VND1,500 per litre starting from 04pm on October 26.
E5 RON92 biofuel increased by VND1,427 to a maximum of VND23,110 per litre, while RON95 rose by VND1,459 to no more than VND24,330 per litre, according to the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance.
This marks the fourth consecutive increase which has occurred this year, meaning that domestic petrol prices have hit the highest level over the past seven years since September 2014.
The peak previously came on July 7, 2014, when prices of E5 RON 92 and RON 95 were listed at VND25,640 and VND26,140 per litre, respectively.
October 26 also saw the price of diesel 0.05S and kerosene adjusted to be on sale for no more than VND18,716 and VND17,637 per litre, rises of VND1,171 and VND1,015 per litre, respectively.
The price of Mazut 180CST 3.5S was no more than VND17,210 per kg, marking an increase of VND113.
The two ministries also decided to make use of subsidies from the petrol price stabilisation fund. Subsidies for E5 RON 92, RON 95, diesel, and kerosene were VND1,100, VND400, VND150, and VND100 per litre.
The global economy is showing signs of recovery, increasing the countries’ demand for fuels. In addition, a lack of coal and gas supplies in China, India and Europe and a fall in US crude stockpiles also fueled oil prices globally. These factors prompted prices of petroleum products in the world market to increase sharply in recent times.
The two ministries will continue to keep a close watch on global oil market fluctuations to make appropriate changes in the next review that takes place every 15 days.