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Sunday, July 14, 2024

Domestic fuel prices rocket

The Saigon Times

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HCMC – The local retail price of RON95 gasoline rose by VND550 to VND26,830 per liter, the highest ever, according to an announcement jointly released by the Ministries of Industry-Trade and Finance at 3.00 p.m. today, March 1.

Other fuels were also adjusted up, with the bio-fuel E5 RON92 revised up by VND540 to VND26,070 per liter.

The prices of kerosene and diesel oil are VND19,970 and VND21,310 per liter, up VND470 and VND510 per liter, respectively. Heavy fuel oil is priced at VND18,460 per kilogram, up VND530.

This is the sixth time in a row that domestic fuel prices have been hiked since mid-December 2021, as the ongoing military conflict between Russia and Ukraine has fueled an oil price surge.

During this fuel price adjustment, the ministries decided not to extract money for sales of bio-fuel E5 RON92, RON95 petrol, diesel oil and kerosene to replenish the fuel price stabilization fund. Meanwhile, the extraction rate for each kilogram of heavy fuel oil is VND300.

Local fuel traders can now tap the fund at VND220 for each liter of RON95 petrol sold, VND250 for each liter of bio-fuel and VND300 for each liter of diesel oil, the local media reported.

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