The domestic retail price of petroleum increased by VND 304 to reach VND 16,675 (74 US cents) per litre as of 7pm yesterday, the Ministry of Industry and Trade (MoIT) said.The price of E5 RON 92 biofuel also rose by VND 301 to VND 16,522 per litre. The prices of diesel and kerosene went up by VND 163 and VND 244 to VND 12,672 and VND 11,290 per litre, respectively. The price of mazut was VND 9,962 per kg, an increase of VND 275.
|The domestic retail price of petroleum increased by VNĐ304 to reach VNĐ16,675 (74 US cents) per litre while that of E5 RON 92 biofuel also rose by VNĐ301 to VNĐ16,522 per litre. -- Photo nld.com.vn|
The MoIT and the Ministry of Finance also decided to increase the use of the price stabilisation fund for petrol and E5 RON bio-fuel by VNĐ500 and VND 450 per litre, respectively. Usage of the fund for diesel was higher at VND 250 per litre, while kerosene accounted for VNĐ360 per litre, and mazut VND 400 per kg. During the previous price adjustment, the usage of the fund for all of the products was zero đồng per litre or kilo.
The local retail price of petrol went up 12 times so far this year with the total increase amounting to VND 5,500 per litre. The price also came down 9 times by a total of VND 5,000 per litre while twice, it remained unchanged.
The retail petrol price in Singapore – the main petrol exporter for Việt Nam – was $58-60 per barrel. This was $3-5 per barrel higher than the previous price adjustment on November 19. The world price has been on the upward trend after OPEC’s decision to reduce output on November 30. Specifically, OPEC would cut 1.2 million barrels a day, equivalent to 4.5 per cent of its output and 1 per cent of the world’s total output.
Experts expected that the OPEC’s policy could have further effect on the energy market, pushing the petrol price up to $60 a barrel in the short-term.
During the previous adjustment, the prices of RON 92 petrol and bio-fuel E5 dropped VND 521 and VND 355 per litre, respectively.
The prices of diesel and kerosene also declined by VND 514 and VND 578 per litre, respectively.
Under the joint decision, RON 92 and E5 petrol is sold at no more than VND 16,371 and VND 16,221 per litre, respectively. The current ceiling prices of diesel and kerosene are VND 12,509 and VND 10,965 ($0.486) per litre, respectively.