Retail petrol prices hit 8-year record high of VND30,000/litre
VOV.VN - Domestic petrol prices reached new highs following adjustments by the Ministry of Finance and the Ministry of Industry and Trade on May 11.
As of 3 p.m. on May 11, the price of E5 RON92 bio-fuel reached VND28,959 per litre, a VND1,491 per litre increase compared to the previous cycle.
Meanwhile, the price of RON 95 also rose by VND1,554 to reach a maximum of VND29,988 per litre – a record high over the past eight years.
This marks the ninth consecutive surge in price since the beginning of the year.
Most notably, retail oil prices were also adjusted. Indeed, the ceiling prices of diesel 0.05S and kerosene were subsequently set at no more than VND26,650 and VND25,168 per litre, respectively, up VND1,120 and VND1,340 per litre respectively.
Moreover, the price of mazut 180CST 3.5S remains unchanged at VND21,560 per kilogram.
The two ministries also decided to make use of VND100 per litre from the petrol price stabilisation fund for petrol, VND100 per litre for diesel and VND300 per litre for kerosene.
Both the Ministry of Industry and Trade and the Ministry of Finance conduct a review and adjust domestic petrol and oil prices every 10 days in order to ensure they remain on a par with global market fluctuations.
According to the two ministries, the world petroleum market endured many big changes last week after the EU proposed an embargo on petroleum products from Russia and OPEC+ (Organization of the Petroleum Exporting Countries).
Besides, crude oil demand increased after the US announced plans to purchase 60 million barrels for emergency reserves.
These factors have fueled petroleum prices to new highs in comparison to the past week.
