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Feb 21, 2022 / 17:50

Petrol prices in Vietnam rise again, five times in three months

The latest hike brings the local RON95 prices above the peak in July 2014 of VND26,140 per liter.

From 3:00 pm today [February 21], the retail price of biofuel E5 - RON92 and RON95 rose by VND960 to VND25,530 (US$1.12) per liter and VND26,280 ($1.15) per liter, respectively.

 The latest price adjustment marked the fifth hike in a row since late December 2021. Photo: The Hanoi Times

The move came following the latest 15-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.

The latest price adjustment marked the fifth hike in a row since late December 2021, bringing the RON95 prices above the previous peak in July 2014 of VND26,140 per liter.

Meanwhile, prices of E5-RON92 were slightly lower than their peaks in 2014 by around VND110 per liter.

The price of kerosene was posted at VND19,500 ($0.86) per liter; diesel at VND20,800 ($0.81); representing an increase of VND750-940 per liter; mazut at VND17,930 ($0.79) per kilogram, a rise of VND280 per kg.

This resulted in an increase of VND3,480 per liter for RON95 against the previous period, VND3,450 for E5-RON92, and VND3,180 for kerosene.

Both the MoIT and the MoF decided to subsidize E5 and RON92 prices with finance from the petrol price stabilization fund with VND250 and VND100 for RON95; and VND300 for diesel.

Taking a view on the rise of petrol prices, the ministries noted the average petrol prices on the global market from February 11 rose by 6% for petrol and 4-5% for oil. Specifically, prices of RON92 petrol were estimated at $108.26 per barrel, up 5.7%; RON95 by 5.8% to $110.64.

On the global market, prices of crude oil WTI decreased to $90.95 per barrel, and Brent to $93.29, with positive progress from the Russia-Ukraine situation as a driving factor.