The latest review saw the price of E5RON92 biofuel rise by VND663 per litre to a maximum of VND 27,134 per litre, while the price of RON95-III edged up by VND675 per lliter to reach VND27,992 per litre.
Elsewhere, the prices of diesel 0.05S and kerosene were capped at VND25,359 per litre and VND23,828 per litre, respectively. In addition, Mazut 180CST 3.5S is now to be sold at no more than VND21,800 per kilogram.
Moreover, the two ministries also decided to use VND500 per litre from the petrol price stabilisation fund for RON95, and VND400 per litre for E5 RON92, while that of diesel and mazut was VND100 per kilogram.
According to the two ministries, the global petroleum market has endured lots of fluctuations over the past 10 days as the International Monetary Fund moved to lower its global growth forecast due to the ongoing Russia-Ukraine conflict.
However, with supply sources from Russia and Libya declining, along with Shanghai's preparations to reopen after their lockdown due to the COVID-19 pandemic, the price of oil is anticipated to bounce back moving forward.
As a means of limiting the increase in the price of petrol prices in the local market compared to the hike occurring in terms of the world's prices, the two ministries have adjusted domestic petrol and oil retail prices every 10 days on a par with global market fluctuations.