From 15.00 today [June 11], the retail price of biofuel E5 and RON92 rose by VND622 to around VND19,048 (US$0.83) per liter, and that of RON95 went up by VND633 to VND20,164 (US$0.88) per liter.

Chart: Hai Yen

Following the adjustments, prices of E5, RON92 and RON95 reached the highest since February 14, 2020. For the past seven months, prices of E5 and RON92 increased by a total of VND5,163 (US$0.22) per liter, and RON95 by VND5,463 (US$0.24).

While petrol prices remained unchanged in late May in the last price adjustment, retail prices of petroleum products have returned to the upward trend.

The move came following the latest review on petrol prices jointly released by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance (MoF) on the same day, which was held by every 15 days.

Retail prices of petroleum products have returned to the upward trend. File photo

Meanwhile, price of kerosene was posted at VND14,412 (US$0.63) per liter; diesel of VND15,448 (US$0.67); mazut of VND14,954 (US$0.65) per kilogram; representing sharp increases by VND584-674 per liter/kilogram.

Both the MoIT and the MoF decided to subsidize for E5 and RON92 prices with finance from the petrol price stabilization fund with VND1,600 and VND600 for RON95; diesel (VND300); and kerosene (VND200).

The two ministries said the petrol price stabilization fund was key to keep petrol prices from increasing at a more moderate pace to support enterprises and the people.

“Without the fund, petrol prices may even go up by VND675-2,222 per liter/kilogram,” said the ministries.