The retail price of petrol and oil rose by approximately VND600 per litre on average as of 15:00 on the recovery of the global oil market, ending an eight time declining streak since the beginning of the year.

In line with the latest price adjustments made by the Ministry of Industry and Trade, along with the Ministry of Finance, the price of bio-fuel E5RON92 increased by VND578 to VND11,520 per litre, while the ceiling price of RON95-III was raised by VND604 to VND12,235 per litre.

The prices of diesel 0.05S and kerosene are now capped at VND9,857 and VND7,882 per litre, respectively. Elsewhere, Mazut 180CST 3.5S is sold at no more than VND8,545 per kilogram.

Both ministries are flexible enough to make use of the petrol price stabilisation fund to ensure that domestic petrol prices reflect what is occurring in global trends. 

According to the two ministries, the price review on petroleum products is being done as a way of stabilising the lives of average citizens and helping local businesses gradually recover following the negative economic impact of the novel coronavirus.

The latest rise marks the first increase after eight consecutive falls in petrol and oil prices in recent times.