09:26 | 06/05/2016 Society
The domestic retail price of petroleum increased by VND646 to touch VND15,586 ( 69 US cents) per liter on May 5, the Ministry of Industry and Trade (MOIT) said.
The domestic retail price of petroleum increases by VND646 to touch VND15,586 (69 US cents) per liter on May 5 — Photo vietnamnet.vn
The price of E5 RON 92 biofuel also rose by VND634 to touch VND15,076 per liter. The prices of diesel and kerosene went up by VND650 and VND550 to reach VND11,023, VND9,455 per liter, respectively. The price of mazut was VND7,860 per kilogram, increasing by VND323.
The MOIT and the Ministry of Finance also decided to keep the use of the price stabilisation fund for petroleum unchanged at VND639 per litre. Usage of the fund for E5 RON 92 biofuel remained at VND672 per liter, while diesel was at VND846 per liter, kerosene was at VND1,029 per liter and mazut was at VND323 per kilogram.
Statistics from MOIT revealed the retail petrol price in Singapore – the main petrol exporter for Viet Nam – was $54,08 per barrel on May 3. The price was $4 per barrel higher than the previous price adjustment on April 20.
The local retail price of petrol has gone up twice since the beginning of March.
The director of the Finance Ministry's Price Management Department, Nguyen Anh Tuan, said the calculation of petroleum import tax based on the weighted average of the tariffs had helped reduce the shortcomings of having different import taxes due to commitments made as part of international integration agreements and for consumer benefits.
Tuan also said petrol management has ensured transparency and followed changes in the world market, with consumers now able to supervise the price adjustment../.