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Fuel prices rise sharply from 3 pm on March 7

Since the beginning of this year, domestic fuel prices have undergone 11 adjustments. During this period, both RON95 and E5 RON92 experienced four decreases and seven increases, while diesel oil two falls and nine hikes.

Fuel supply in Hanoi remains stable. (Photo: VNA)
Fuel supply in Hanoi remains stable. (Photo: VNA)

Hanoi (VNA) – From 3:00 p.m. on March 7, retail prices of petrol and oil products simultaneously increased sharply following a decision by the joint Ministry of Industry and Trade and the Ministry of Finance.

Accordingly, the price of E5 RON92 petrol is capped at 25,226 VND per litre (0.96 USD), up 3,777 VND per litre compared to the base price set on March 5 and remaining 1,821 VND per litre lower than RON95-III petrol. The price of RON95-III petrol is set at no more than 27,047 VND per litre, up 4,707 VND.

Meanwhile, 0.05S diesel oil is capped at 30,239 VND per litre, a rise of 7,207 VND per litre; kerosene at 35,091 VND per litre, up 8,490 VND; and the fuel oil mazut 180CST 3.5S at 21,327 VND per kilogramme, up 3,831 VND.

In this price adjustment period, amid global fuel price fluctuations, exchange rate movements between the VND and USD, and current regulations, the two ministries decided on a price management plan to ensure that domestic fuel prices remain in line with international market developments.

The authorities also continued to maintain a reasonable price gap between E5 RON92 biofuel and RON95 mineral petrol in order to encourage the use of biofuels in line with the Government’s policy, while ensuring balanced interests among market participants.

The two ministries also decided not to make contributions to or use the petroleum price stabilisation fund for any fuel products in this adjustment.

Since the beginning of this year, domestic fuel prices have undergone 11 adjustments. During this period, both RON95 and E5 RON92 experienced four decreases and seven increases, while diesel oil two falls and nine hikes./.

VNA
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