The retail prices of biofuels E5-RON92 rose by VND190 to VND31,300 per liter (US$1.35) and RON95 by VND500 to a record high of VND32,870 ($1.42) from 3:00 pm today [June 21].

A petrol station at Giai Phong Street, Hanoi. Photo: Viet Dung

RON95 currently makes up 70% of the total amount of consumed petroleum products in the domestic market.

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 seventh price hike since April 21. Since last month, prices of RON95 rose by VND5,560 per liter, and E5-RON92 by VND4,830.

The price of kerosene was posted at VND28,780 ($1.24) per liter, up nearly VND950; diesel at VND30,010 ($1.29), or an increase of VND990; and the price of mazut went up by VND380 to VND20,730 ($0.89) per kilogram.

According to the ministries, prices of petrol on the global market continue their upward trends during the interval of the two price adjustments, with supplies becoming limited due to the Western’s ongoing sanctions against Russian oil and high demand from countries around the world.

For the past ten days, the price of kerosene climbed by an average of 4% to $169.25 per barrel; diesel by 3.6% to $172.56, while those of petroleum products went down slightly by 0.21-0.95%.

To curb the rising prices of petrol and oil products, the two ministries have decided to subsidize prices of diesel and kerosene with VND400 and VND300 per liter, respectively, from the petrol price stabilization fund.