Petrol prices soar to nearly VND24,000 per litre
VOV.VN - The retail prices of petrol went up nearly VND1,200 per litre to close to VND24,000 as of 3 p.m. on August 1, following the latest adjustments made by the Ministry of Industry and Trade and the Ministry of Finance.
Specifically, the retail price of RON95-III rose by VND1,170 to reach VND23,960 per litre, whilst that of E5RON92 climbed to VND22,790, marking a rise of VND1,160 per litre.
Elsewhere, the prices of diesel 0.05S and kerosene were capped at VND20,610 per litre and VND20,270 per litre, thereby marking respective increases of VND1,110 and VND1,090 per litre. Meanwhile, the price of mazut rose by VND810 to VND20,270 per kilogramme.
As part of the latest adjustment the two ministries decided not to extract any money for petrol and oil prices from the price stabilisation fund.
Insiders pointed out that the petroleum market has been heavily influenced by factors such as a fall in US crude oil inventories coupled with the sharp increase in China's crude oil imports.
Chinese stockpiles also rose to near all-time highs, with China's demand expected to continue to grow moving into the second half of the year in the post-pandemic period. Moreover, the US Federal Reverse is likely to seek a raise in interest rates moving forward.
These factors are expected to make petrol prices fluctuate and edge up in the coming time. Since the beginning of the year, petrol prices have undergone 21 adjustments, with 12 increases, six declines, and three times when they remained unchanged.
