Illustrative image (Source: VNA)
Hanoi (VNA) - The ministries of industry and trade and finance have raised retail petrol prices for the first time in 2017.

According to the latest decision by the two ministries, the retail price of RON 92 petrol increased by 504 VND to trade at a maximum of 18,098 VND (80 US cents) per litre.

The prices of E5 bio-fuel rose by 496 VND to trade at 17,818 VND per litre; 0.05S diesel was traded at the maximum price of 14,305 VND per litre; and kerosene was traded at maximum 12,758 VND per litre.

The new prices came into effect at 3pm on February 18.

The two ministries also decided to reduce the use of the petrol price stabilisation fund for RON92 petrol and E5 bio-fuel. Accordingly, subsidies for RON92 petrol and E5 bio-fuel were set at 300 VND each per litre, a decrease of 269 VND per litre and 277 VND per litre, respectively.

According to the ministries, retail petrol prices were increased because the average global petrol prices in the 15 days prior to February 18 was about 68 USD for each RON92 barrel and about 66 USD for each 0.05S diesel barrel, an increase of 1 USD from the last adjustment.

This was also the first time this year that retail petrol prices were increased after they had remained unchanged after three revisions.

Last year, petrol retail prices were adjusted 24 times, increasing 13 times by a total 6,000 VND per litre, decreasing nine times by a total of 4,463 VND per litre and remaining unchanged twice. The price of petrol this year is 1,000 VND higher than the beginning of last year.-VNA