Domestic oil and petrol prices saw a sharp increase starting from 3pm on June 12 following the latest adjustments on the global upward trend made by both the Ministry of Industry and Trade (MoIT) and the Ministry of Finance (MoF).

In line with the price changes, the retail price of bio-fuel E5 RON 92 rose by VND988 per litre to VND13,390, while the price of RON 95-III edged up by VND955 per litre to VND14,080.

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

The latest price hike marks the first increase in petrol prices since June, according to the MoIT and the MoF, with the latest increase occurring to match the rising worldwide price of petrol in line with set local regulations.

According to the two ministries, the average price of petrol and oil throughout the global market saw strong increases over the 15-day period leading up to the latest price review.

Indeed, both ministries noted that global petrol prices had reached US$39.569 per barrel of petrol RON92, while the price of RON95 had risen to US$42.420 per barrel.

The latest price hike marks the third increase following eight consecutive weeks of falling petrol and oil prices since the beginning of the year.