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The retail price of petrol saw a slight decrease following the latest regular adjustment at 3 pm on March 1. (Photo: SGGP) |
Accordingly, the retail price of E5RON92 fell by VND121 to a maximum of VND22,421 per liter, while RON95 was down VND118 to VND23,325 per liter.
Kerosene and diesel prices dropped by VND372 and VND551 to VND20,474 and VND20,255 per liter, respectively.
Meanwhile, the price of Mazut increased by VND304 to VND14,555 per kilo.
According to the ministries, the global oil market in the past ten days was influenced by factors, including the U.S.' crude oil inventories that increased more than market expectations, but the prospect of lower exports from Russia offset rising inventories; the US Consumer Price Index (CPI) and retail sales rose far more than expected in January leading to a concern that the Federal Reserve System (FED) will raise interest rates; China’s oil demand recovery after ending zero-Covid policies and reopening borders.
These factors affected fuel prices in Vietnam. Therefore, the ministries of Industry and Trade - Finance decided to use the Fuel Price Stabilization Fund to retain subsidies on diesel and kerosene, reduce the subsidy on diesel and not grant funding to mazut as well as spend the fund for supporting types of fuel.
