The retail price of bio-fuel E5 increased by 320 VND per litre. (Photo: VNA)

Hanoi (VNA) – The retail price of bio-fuel E5 increased by 320 VND per litre, while that of RON 95 rose 293 VND per litre from 3pm on September 21 due to rising global prices.

The Ministry of Industry and Trade (MoIT) and the Ministry of Finance (MoF) announced that the prices of E5 must not be higher than 20,331 VND per litre, while those of RON 95 should not be higher than 21,770 VND per litre.

Meanwhile, the ceiling prices of diesel 0.05S, kerosene, and mazut 180CST 3.5 S are capped at 18,126 VND per litre, 16,638 VND per litre, and 14,942 VND per litre, up 57 VND, 124 VND, and 26 VND per litre, respectively.

The global oil and petrol prices have surged to 86-91 USD a barrel. The price of RON 92, which is used to produce bio-fuel E5, increased from 85.8 USD in the previous adjustment to 86.8 USD per barrel.

The two ministries have also decided to keep the use of subsidies from the petrol price stabilisation fund unchanged. Subsidies for E5 RON 92 are 1,563 VND per litre, while those for RON95, diesel, and kerosene are 960 VND, 400 VND, and 300 VND per litre.

The fund has been used constantly in recent times to mitigate the impact of rising global prices and contribute to curbing the inflation rate.

Announcements regarding fuel price changes are scheduled every 15 days to keep up with swings in the global market.

This has been the second consecutive rise within nine months after ministries had tried to keep the selling price unchanged by using the price stabilisation fund. –VNA