The Ministry of Industry and Trade has temporarily suspended the use of kerosene in the calculation of fuel base price until April 28, according to the ministry’s Decision 571 dated March 28.
Việt Nam increased retail fuel prices from 11pm on Wednesday with increases by VNĐ3,520 to VNĐ9,000 per litre while the fuel price stabilization fund continues to be tapped at VNĐ3,000-4,000 per litre.
Domestic retail fuel prices mostly increased slightly from 10pm on March 12 in the latest adjustment by the ministries of Industry and Trade, and Finance, after a sharp a day earlier.
According to an announcement by the Ministry of Industry and Trade effective from 11.45pm Tuesday, the price of RON95-III gasoline rose by VNĐ2,080 per litre to VNĐ29,120.
The petroleum market is set for a major overhaul this year as the power to decide the retail prices is proposed to be handed to businesses, replacing the current state management system in a move toward a more market-based mechanism.
E5 RON92 biofuel is capped at VNĐ18,283 (US$0.7) per litre, a decrease of VNĐ93, while RON95-III petrol will be sold at no more than VNĐ18,631 per litre, down VNĐ81.
Việt Nam’s petrol and oil prices moved in opposite directions on Thursday afternoon following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance.
Petrol retail prices were reduced again as of 3pm on Tuesday, marking the 8th consecutive decrease this year, the ministries of industry and trade and finance announced.
The retail prices of petrol and oil increased at 6pm on October 1 following the latest review of the ministries of Industry and Trade and Finance on the prices.
The Ministry of Industry and Trade and Finance Ministry revised petrol prices up on Thursday, marking the third time they had made price adjustments after using the price stabilisation fund.
The Viet Nam National Petroleum Group (Petrolimex) reduced the selling
price of its RON 92 gasoline by VND470 (2.23 US cents) per litre to VND23,740
($1.13) per litre from midday Friday.