The retail price of petrol and oil increased at 3 pm on May 28 following a review of the latest prices by the Ministry of Industry and Trade along with the Ministry of Finance.

In line with the changes, the retail price of bio-fuel E5 RON 92 has therefore been raised to a maximum of VND12,402 per litre, a rise of VND882, whilst the price of RON95-III has been set at no more than VND13,125 per litre, an increase of VND890.

Elsewhere, the prices of diesel and kerosene went up by VND892 and VND875 to VND10,749 and VND8,757 per litre, respectively. Whilst the price of mazut was capped at VND9,492 per kilo, a rise of VND947.

This price hike marks the first increase since May, according to the ministries of Industry and Trade, and Finance, with the latest increase occurring in line with growing global prices of the products and in accordance with set local regulations.

According to the two ministries, the average price of petrol and oil across the global market has seen strong increases over the 15-day period ahead of the latest price review.

Indeed, both ministries noted that global petrol prices had reached US$32.806 per barrel of petrol RON92, while the price of RON95 had climbed to US$35.612 per barrel.

The latest rise marks the second increase after eight consecutive weeks of falling petrol and oil prices.