From 15.00 today [May 15], the retail price of biofuel E5 and RON92 rose by VND440 to around VND18,420 (US$0.8) per liter, and that of RON95 went up by VND370 to VND19,530 (US$0.85) per liter.

Since April, petrol prices have increased twice in a row. File photo

The move came after 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.

Since April, petrol prices have increased twice in a row. RON95 rose by a total of VND560 per liter, E5 and RON92 by VND620.

Meanwhile, price of kerosene was posted at VND13,820 (US$0.6) per liter, or an increase of VND570; diesel of VND14,770 (US$0.64) (up VND450), mazut of VND14,270 (US$0.62) per kilogram.

Both the MoIT and the MoF decided to subsidy for E5 and RON92 from the petrol price stabilization fund with VND1,900 and VND1,050 for RON95; diesel (VND400); kerosene (VND400); and mazut (500).

At a recent price management meeting, Deputy Prime Minister Le Minh Khai instructed the two to manage petrol prices in a flexible manner, which should be in line with global prices.

“Two ministries should be cautious about using the petrol price stabilization fund, especially as prices on the global market are on the upward trend,” said Khai, adding the goal is to prevent a sudden rise in prices of these products in the domestic market.