Retail petroleum prices rise after four consecutive decreases
VOV.VN - The Ministry of Industry and Trade and the Ministry of Finance that have been assigned by the government to control the domestic petroleum market decided to raise the retail prices of petrol by more than VND500 per litre and of oil by nearly VND2,000 per as of 3pm on October 11.
Accordingly, the prices of E5 RON 92 and RON 95 that are commonly used in Vietnam escalated by VND560 to VND21,290 per litre and VND22,000 per litre respectively.
Meanwhile, the retail price of diesel oil spiraled by VND1,980 to VND24,180 per litre.
This is the first time that petrol prices have risen after four decreases in more than a month.
The two ministries also decided to set aside between VND200 and VND500 for every litre of petrol, as well as VND200 diesel oil from the price stabilisation fund.
Currently, hundreds of petrol stations in Ho Chi Minh City, the country’s most populous metropolis, and neighbouring localities are running out of petrol for sale.
These petrol stations complained that they were facing a loss when the buying prices of petroleum products are higher than the selling prices due to improper calculations in discount rates by petroleum trading companies.
The Ministry of Trade and Industry is about to host an urgent meeting with petroleum trading businesses on October 12 to iron out snags and to ensure supply sources of petroleum products for domestic use.