Yesterday's increase of VND1,200 the second of the month and based on global market prices according to Petrolimex.
According to the Vietnam National Petroleum Group (Petrolimex), the price of as RON 92, RON 95 and E5 RON 92 petrol increased by VND1,200 (5 US cents) from May 20. RON 92 now costs VND20,430 (96 US cents) per liter, RON 95 VND21,030 (99 US cents), and E5 RON 92 VND20,100 (94 US cents). The price of diesel, mazut and kerosene remain unchanged.
This is the second increase since the beginning of the month and the third of the year. It is also the first time since the beginning of the year that prices have exceeded the VND20,000 mark.
Petrol and gasoline prices previously fell 14 times by a total of 40 per cent, from VND25,640 ($1.2) on July 7, 2014 to VND15,670 ($0.74) on January 21.
In just three increases the price of RON 92 has increased by VND4,760 (22 US cents), or 23 per cent, compared to its lowest point on January 21.
“The price adjustment comes from changes in the price of petroleum products on global markets and follows the principles in determining the sales price contained in Decree No. 83/2014 /ND-CP from September 2014,” a leader at Petrolimex explained.
The decision was signed by the Deputy General Director of Petrolimex, Mr. Pham Duc Thang, and sent to members of the Group, the Office of the Government, the Ministry of Industry and Trade, the Ministry of Finance, and related departments.