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This latest price hike is the first increase in petrol prices since June (Photo: VNA)

On June 12, following the adjustments by the two ministries, the retail price of bio-fuel E5 RON 92 increased by VND988 (USD 0.042) per litre to VND13,390 (USD 0.57), while the price of RON 95-III edged up by VND955 (USD 0.041) per litre to VND14,080 (USD 0.6), according to VOV.

Elsewhere, the price of diesel 0.05S inched up by VND766 (USD 0.033) per litre to a maximum price of VND11,515 (USD 0.49). Meanwhile, kerosene and mazut prices were capped at VND9,610 (USD 0.41) per litre and VND10,322 (USD 0.44) per kg, marking a rise of VND853 (USD 0.037) per litre and VND830 (USD 0.036) per kg, respectively.

According to the MoIT and the MoF, this latest price hike is the first increase in petrol prices since June. This latest increase happen to match the rising global petrol price in line with local regulations.

The two ministries review fuel prices every 15 days to keep domestic prices up to date with the world market. In fact, both ministries noted that world petrol prices reached US$39.569 per barrel of petrol RON92, while the price of RON95 had risen to US$42.420 per barrel.

The demand for petrol and oil continues to increase (Photo: Channel 14)

In the two weeks before June 12, world petrol prices went up by between 21 per cent and 19 per cent. The ministries decided to increase expenditure for the petrol price stabilisation fund by VND100 (USD 0.0043) per litre of E5 RON 92 and VND400 (USD 0.017) per litre of RON 95.

In the latest adjustment on May 28, the two ministries also increased the prices of E5 bio-fuel and RON 95 by VND882 (USD 0.038) and VND890 (USD 0.038) per litre respectively. This latest price hike is the third increase following eight consecutive weeks of decreasing petrol and oil prices since the beginning of the year, VNA reported.

Currently, the domestic economy is in the stage of recovery, therefore the demand for petrol and oil continues to increase. In this context, the Ministry of Industry and Trade and the Ministry of Finance decided to manage petroleum products to ensure that domestic petrol prices fluctuate with the trend of world petroleum prices.

The Ministry of Industry and Trade and the Ministry of Finance use the Price Stabilization Fund to reduce the price increase for petroleum products. Also the two ministries maintain the Price Stabilization Fund at a reasonable level to regulate gasoline prices while the world petrol prices tend to increase.

The management of gasoline prices also helps ensure to implement the goal of controlling inflation in 2020 assigned by the National Assembly. This also helps maintain the price difference between E5RON92 biofuel and RON95 mineral petrol at a reasonable level to protect the environment in accordance with the Government's policy, reported by Sports and Culture.

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