According to the changes the retail price of E5RON92 biofuel rose by VND2,908 to reach VND28,985 per litre, while RON95-III increased by VND2,990 to VND29,824 per litre.
The prices of diesel 0.05S, kerosene, and mazut went up to a maximum of VND25,268 per litre, VND23,918 per litre, and VND20,987 per kilogram, increases of VND3,958, VND3,940, and VND2,519, respectively.
The two ministries have decided to use the petrol price stabilization fund at a rate of VND750 per litre for E5RON 92, VND1,000 per litre for RON 95, VND1,500 per litre for diesel, and VND300 per litre for kerosene.
According to the MoIT, global developments are impacting the fuel market, particularly due to the complicated impact of the Russia-Ukraine conflict. The fuel supply has been affected by the ongoing war amid growing demand as countries start to deploy a range of measures aimed at recovering their economies.
The average fuel price between the March 1 and March 11 reviews stood at US$132.251 per barrel of RON92, used to make E5RON92, an increase of US$20.906 per barrel, or 18.77% over the previous review.
Meanwhile, the price is at US$135.750 per barrel for RON95, a rise of US$21.543 per barrel, or 18.86%.