The price of RON95 rose by nearly VND3,000 per liter to an all-time high of VND29,820.
The retail price of biofuel E5 - RON92 increased by VND2,910 to VND28,980 (US$1.27) per liter and RON95 by VND2,990 to VND29,820 ($1.30) per liter, respectively, from 3:00 pm today [March 11].
Vietnam's petrol prices rise to an all-time high. Photo: The Hanoi Times |
The move came following the latest 10-day review on petrol prices jointly conducted by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance (MoF) on the same day.
The latest price adjustment marked the seventh hike in a row since mid-December 2021, bringing the prices of petrol products to above the previous peaks in July 2014 of VND26,140 per liter and closer to VND30,000 per liter.
The price of kerosene was posted at VND23,910 ($1.05) per liter, up nearly VND4,000; diesel at VND25,260 ($1.10), or an increase of VND3,950; and mazut at VND20,980 ($0.92) per kilogram, a rise of VND2,520 per kg.
This resulted in an increase of VND7,020 per liter for RON95 against last December, VND6,900 for E5-RON92, VND7,930 for diesel, VND7,590 for kerosene, and VND5,240 for mazut.
At present, taxes and fees account for 40-42% of the retail prices of petrol products. The Ministry of Finance has announced its plan to cut the environmental protection tax by half, or VND2,000 per liter, to prevent petrol prices from skyrocketing. The move is scheduled to take effect on April 1.
On the global market, prices of crude oil WTI decreased by $2.68 to $106.02 per barrel, and Brent by $1.81 to $109.33, following an announcement from the UAE ambassador to Washington, Yousef Al Otaiba, that the country wants to increase oil production and would encourage the Organization of the Petroleum Exporting Country (OPEC) to do the same.
Other News
- Hanoi remains in the top 10 national exporters
- Deputy PM orders gold market inspected this week
- Gov’t seeks to defer US$160 million owed by Vietnam Airlines
- Vietnam to step up effort against gold smuggling
- Food hygine model in Hoan Kiem enhances Hanoi's appeal
- Vietnamese Gov’t approves purchase of Laos wind power
- Vietnam c.bank eases gold auction conditions
- Hanoi earmarks US$55.4 billion to build 600-km metro network by 2045
- Vietnamese Gov’t expected to tighten gold transactions
- US taking move to recognize Vietnam as market economy a welcome sign: MoFA
Trending
-
Deputy PM orders gold market inspected this week
-
Vietnam news in brief - May 17
-
Russia fully supports Vietnam's entry into BRICS: Ambassador
-
Hanoi's 70th liberation anniversary literary and art contest launched
-
Japanese duo of illusionists to wow audiences in Vietnam
-
Walking tour to experience public arts in the heart of Hanoi
-
Propaganda poster contests launched for Hanoi’s 70th liberation anniversary
-
Bas-reliefs on Hue's nine dynastic urns listed as UNESCO heritage
-
Hanoi's oldest book street preserving the city's reading culture