Petrol prices increase sharply to close to VND23,000 per litre
VOV.VN - The retail prices of petrol increased sharply by VND1,220 to VND1,300 per litre as of 3 p.m. on July 21, following the latest changes made by the Ministry of Industry and Trade and the Ministry of Finance.
Specifically, the retail price of E5RON92 rose by VND1,220 to VND21,630 per litre, whilst that of RON95-III climbed to VND22,790, up VND1,300 per litre.
Elsewhere, the prices of diesel 0.05S and kerosene were capped at VND19,500 per litre and VND19,180 per litre, marking increases of VND890 and VND860 per litre, respectively.
Furthermore, the price of mazut rose by VND440 to VND15,720 per kilogramme.
In this latest adjustment, the two ministries decided not to extract any money for petrol and oil prices from the price stabilisation fund.
The two ministries reported that the global petroleum market during the July 11 to July 21 period was influenced by various factors. China's crude oil imports in June jumped by 45.3% year on year to the second-highest monthly figure seen on record, whilst US commercial crude oil inventories decreased by 1.1% during the week ending July 22.
Besides, the US Federal Reserve is likely to raise its benchmark overnight interest rate by 25 basis points to the 5.25% to 5.50% range on July 26.
Those factors have therefore caused global petrol and oil prices from July 11 to July 21 to fluctuate strongly, resulting in the increases in Vietnam.
Since the beginning of the year, petrol prices within domestic market have been revised up 10 times, down seven times, and left unchanged three times.
