From 3:00 p.m. on March 7, retail prices of petrol and oil products simultaneously increased sharply following a decision by the joint Ministry of Industry and Trade and the Ministry of Finance.
Accordingly, the price of E5 RON92 petrol is capped at VND25,226 per liter (US$0.96), up VND3,777 per liter compared to the base price set on March 5 and remaining VND1,821 per liter lower than RON95-III petrol. The price of RON95-III petrol is set at no more than VND27,047 per liter, up VND4,707.
Meanwhile, 0.05S diesel oil is capped at VND30,239 per liter, a rise of VND7,207 per liter; kerosene at VND35,091 per liter, up VND8,490; and the fuel oil mazut 180CST 3.5S at VND21,327 per kilogram, up VND3,831.
In this price adjustment period, amid global fuel price fluctuations, exchange rate movements between the VND and USD, and current regulations, the two ministries decided on a price management plan to ensure that domestic fuel prices remain in line with international market developments.
The authorities also continued to maintain a reasonable price gap between E5 RON92 biofuel and RON95 mineral petrol to encourage the use of biofuels in line with the Government’s policy while ensuring balanced interests among market participants.
The two ministries also decided not to make contributions to or use the petroleum price stabilization fund for any fuel products in this adjustment.
Since the beginning of this year, domestic fuel prices have undergone 11 adjustments. During this period, both RON95 and E5 RON92 experienced four decreases and seven increases, while diesel oil experienced two falls and nine hikes.
