Fuel prices have increased from 3 pm on April 17, according to the Ministry of Industry and Trade and the Ministry of Finance.
Fuel prices continue to increase in April
The ministries have applied the Fuel Stabilisation Fund to subsidise the cost. After all adjustments, the price of E5 RON92 has been increased by VND1,115 (48 US cents) per litre to VND19,703 and RON95-III price was increased by VND1,202 to VND21,235. The prices of diesel and kerosene increased by VND297 to VND17,384 and VND291 to VND16,262 respectively. Mazut price also increased by VND407 to VND15,617.
The world average prices of RON92 in a 15-day period before April 17 was USD77,895 (USD3.36) per barrel and the price of RON95 was USD79,808 per barrel, an increase of USD3,374. The world prices of diesel and kerosene were USD81,991 and USD81,724 per barrel. The price of a tonne of mazut was USD428,326.
According to the Ministry of Industry and Trade, even though the world prices have been on the rise since early 2019, both the ministries have done their best to keep the local retail prices stable by using the Fuel Stabilisation Fund. The fund has been used before, during and after the Tet Holiday to avoid negative impacts from the electricity price hike.
The ministries will continue using the fund to stabilise prices during the Reunification Day and May Day Holiday.
This is the second fuel price hike in April. The retail prices of petrol and oil have been sharply increased by nearly VND1,500 (6.4(?0) US cents) in early April.