Retail petrol prices rise slightly as of May 23 afternoon
Prices of both petrol RON95-III and E5 RON92 were revised up as of 15:00 May 23 according to a latest price adjustment by the Ministry of Finance and the Ministry of Industry and Trade.
Petrol RON95-III, the most common fuel used in Vietnam, and petrol E5 RON92 rose by VND80 and VND160 to VND23,210 and VND22,270 per litre, respectively.
Meanwhile, diesel decreased by VND40 to VND17,830 per liter, and mazut went up by VND100 to VND17,510 per kg compared a week ago.
The price of kerosene remained unchanged at VND19,900 per litre.
In this price adjustment, the two ministries decided not to use the petrol and oil price stabilisation fund.
The world oil market in the past week was impacted by factors such as an increase in US inventories and the possibility of the US Federal Reserve’s postponement on interest rate cuts due to persistent inflation.
In addition, OPEC+ may extend the oil production cut policy at the meeting in early June 2024, plus the ongoing military conflict in Ukraine.
Those factors caused world oil prices in recent days to increase and decrease alternately depending on each product.
