They decided to increase the price of petrol E5 RON 92 by VND240 and petrol RON 95 by VND200 to VND20,050/litre, and VND20,740/litre, respectively.
Similarly, the price of oil was also adjusted upwards in this round, with diesel going up by VND120 to VND18,750/litre, kerosene by VND130 to VND18,830/litre, and mazut by VND120 to VND16,090/kg.
Both ministries decided to maintain no contribution to or withdrawal from the price stabilization fund.
Since the beginning of 2024, petrol prices have increased 25 times and decreased 27 times, while diesel prices have increased 23 times and decreased 28 times.
Domestic fuel prices have been in line with global oil market trends since the implementation of the 7-day price adjustment cycle in November 2023. Timely updates of fuel business costs have created incentives for businesses to ensure adequate fuel supply for the domestic market.
The Ministry of Industry and Trade has drafted a decree on fuel business, proposing that businesses have the right to set their own retail prices, and the government only publish the world market price of crude oil, source costs, standardized business costs, and standardized profits.
