The Ministry of Industry and Trade, along with the Ministry of Finance, moved to push up petrol and oil prices at 4 p.m. on December 11, with the retail price of bio-fuel E5 RON 92 undertaking a rise of VND635 to VND15,129 per litre.

Furthermore, the price of bio-fuel RON 95 saw an increase of VND656 to VND16,007 per litre.

The ceiling prices of diesel and kerosene are now set at no more than VND11,892 and VND10,777 per litre, marking rises of VND458 and VND639 per litre, respectively.

Meanwhile, the price of mazut was capped at VND11,942, representing an increase of VND200 per kilogram compared to the previous price.

The latest price hikes come following rising oil prices globally over the course of the past 15 days, according to the two ministries.

Before December 11, the global price of RON 92, a key item used to produce bio-fuel E5 RON 92, averaged US$50.019 per barrel, a rise of US$3.64, or up 7.85%.

Prices of RON95 stood at US$51.042 per barrel, US$3.52 higher compared to the previous period, equivalent to a 7.4% increase.

The two ministries also decided to make use of subsidies from the petrol price stabilisation fund.

In line with this, subsidies for E5 RON 92, diesel, kerosene, and mazut remained at zero, while those for RON95 were VND100 per litre.