Retail petrol prices keep rising, set new record
  • | VOV | May 23, 2022 09:02 PM
Retail prices of petrol in Vietnam rose by nearly VND700 to more than VND30,000/litre on May 23, setting a new record in the domestic petrol market.

Vietnam's petrol prices rise to an all-time high over almost 10 years. Illustrative photo by Dantri

The latest price adjustments unveiled by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance saw common petrol RON95-III reach VND30,657 per litre, marking a VND669 increase compared to the previous adjustments 12 days ago.

Similarly, petrol E5RON92 also rose VND674 to be capped at VND29,633 per litre.

Meanwhile, diesel was traded at VND25,553 per litre, representing a decline of VND1,097.

The price of kerosene stood at VND24,450 per litre, down nearly VND763, and mazut was also adjusted down by VND962 to VND20,598 per kg.

Following the latest price changes, the two ministries decided to stop using the petrol price stabilisation fund to subsidise prices of E5RON92 and RON95.

However, they agreed to use part of the fund to subsidize diesel, kerosene and mazut prices at VND300 per litre, VND300 per litre and VND400 per kg, respectively.

According to information given by the two ministries, the global petroleum market has recorded many significant changes over the last 10 days after the EU proposed placing an embargo on petroleum products from Russia, while the United States’ crude oil inventories remain low.

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