The retail price of biofuel E5 RON 92 increased by VND500 to VND19,940 (USD0.87) per litre on May 23 following a joint decision of the Ministry of Finance and Ministry of Industry and Trade.
According to the ministry’s adjustment, the price of RON 95-III also rose by VND600 to VND21,511 per litre, while the prices of diesel and kerosene went up by VND587 and VND523 to VND17,694 and VND16,440 per litre, respectively.
The ministries of Industry and Trade and Finance said that they reviewed fuel prices every 15 days to adjust the prices in accordance with fluctuations on the world market.
This increase is attributed to the rise in global oil and petrol prices following political instability in the Middle East and a sharp drop in petrol supply from Venezuela.
The price of RON 92, which is used to produce biofuel E5, increased from USD81,890 in the previous adjustment to USD89,780 per barrel on May 22 – the highest level in the last few years.