Domestic petrol and diesel prices were adjusted up from 3 p.m. on August 20, with the Ministries of Industry and Trade and Finance deciding not to make any contributions to or draw from the petrol price stabilization fund.
Accordingly, the retail price of E5RON92 petrol was capped at VND21,833 (US$0.84) per liter, up VND598 per liter from the previous ceiling price. E10RON95-III petrol was priced at no more than VND22,668 per liter, an increase of VND549 per liter.
The ceiling price of 0.05S diesel was raised by VND1,310 to VND28,543 per liter, while 180CST 3.5S mazut rose by VND933 toVND17,689 per kilogram.
The Ministry of Industry and Trade will coordinate with relevant agencies to inspect and supervise traders' fulfilment of their responsibility to ensure adequate fuel supplies for the market, and strictly handle any violations detected.
Meanwhile, the two ministries will continue to closely monitor market developments to announce appropriate petrol and diesel prices in line with Government directions and propose measures to the Government and Prime Minister to stabilize fuel prices.
According to the Ministry of Industry and Trade, the global petroleum market during this pricing cycle was influenced by peace negotiations between the US and Iran, the stalled resumption of oil shipments through the Strait of Hormuz, and rising tensions in the Middle East.
These factors have caused global refined petroleum product prices to fluctuate in recent days, although the overall trend has been predominantly upward.
In general, petrol and diesel prices in Vietnam remain relatively low compared with those in neighboring countries, including Thailand, Laos, Cambodia and China.
