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.
E5 RON92 petrol is now capped at VNĐ19,851 (US$0.75 USD) per litre, up VNĐ80 from the previous adjustment, while RON95-III petrol costs VNĐ20,439 per litre, up VNĐ76.
The ministries of Finance and Industry and Trade yesterday enabled
enterprises to increase gasoline prices by VND1,200 (six cents) per
litre in the wake of increasing global fuel prices.