The retail price of biofuel E5 - RON92 increased by VND1,490 to VND28,950 (US$1.26) per liter and RON95 by VND1,550 to a new record of VND29,980 ($1.30) per liter, respectively, from 3:00 pm today [May 11].

Petrol prices in Vietnam hit a record high. Photo: The Hanoi Times

The move came following the latest 10-day review on petrol prices jointly conducted by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance (MoF) on the same day.

The latest price adjustment marked the second hike in a row since late April, bringing the prices of RON95 to an all-time high compared to its previous peak of 29,820 in mid-March, or an increase of VND160 per liter, while E5-RON92 was around VND30 per liter less than the record set in the period.

The price of kerosene was posted at VND25,160 per liter, up nearly VND1,340; diesel at VND26,650, or an increase of VND1,120; and mazut with no change at VND21,560 per kilogram.

With the new prices, the two ministries decided against using the petrol price stabilization fund to subsidize fuel prices.

Meanwhile, the kerosene subsidy was VND300 per liter, and that of mazut was VND33.

According to the authorities, there remain great uncertainties surrounding the prices of fuel and gas in the global market, especially due to geopolitical instability, the EU’s plan to impose sanctions on Russian oil, and the OPEC’s decision to keep output unchanged.

In addition, the fact that the US announces to purchase an additional of 60 million barrels of crude oil has also shrunk oil supplies.

In Vietnam, the prices of RON92, a component for E5-RON92, rose by 8.3% per barrel, RON95 by 8.2%, and diesel by 5%.