The retail price of biofuel E5 - RON92 increased by VND600 to VND30,230 (US$1.3) per liter and RON95 by VND920 to a record high of VND31,570 ($1.36) per liter, from 3:00 pm today [June 1].

Petrol prices in Vietnam  set a new record today. Photo: A.T

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, marking the fifth price rise since April 21. Since last month, prices of RON95 rose by VND4,260 per liter, and E5-RON92 by VND3,760.

The price of kerosene was posted at VND25,340 ($1.09) per liter, up nearly VND940; diesel at VND26,390 ($1.14), or an increase of VND840; and mazut at VND20,900 ($0.90) per kilogram, a rise of VND310 per kg.

During this price review period, the two ministries have subsidized each liter of RON95 with  VND500  and  E5-RON92 with VND100   from the petrol price stabilization fund.

Petrol prices on the global market have been on the rise for the past two months, and experts predicted the prices may approach $140 per barrel in the next few months.

Data from the Ministry of Industry and Trade showed the average petrol prices in Singapore on May 26 were $139.75 per barrel for RON92 and $147.93 per barrel for RON95.