Wholesale petrol traders should make more efforts to raise the market share of bio-fuel E5 in the country, said Deputy Minister of Industry and Trade (MoIT) Đỗ Thắng Hải.
The balance of the petrol price stabilisation fund surged to more than VNĐ5.1 trillion (US$ 224 million) at the end of the fourth quarter of 2017, the Ministry of Finance has reported.
The number of local consumers using E5 in their autos has been increasing rapidly, though bio-fuel has only been put into use nationwide for just the past month.
Prime Minister Nguyễn Xuân Phúc on Monday promulgated the Decree No 08/2018/NĐ-CP eliminating 675 out of 1,216 business criteria.
Many motorbike owners are still unsure if the new E5 fuel being sold nationwide suits their vehicles, and authorities need to improve public awareness accordingly, officials admit.
Southern cities and provinces are ready to switch from the RON92 grade petrol to E5 biofuel starting next year, but concerns remain over its pricing and consumer preference.
The balance of the petrol price stabilisation fund surged to more than VNĐ5.22 trillion (some US$ 230 million) at the end of the third quarter of 2017, the Ministry of Finance reported on Monday.
Experts and businesses are raising concerns about the shortage of E5 bio-fuel supply as there are two months left for E5 to be fully replaced RON 92 petrol.
The supply of E5 bio-fuel is enough to meet the local demand and can fully replace RON 92 petrol beginning next year, the Ministry of Industry and Trade (MoIT) said.
The domestic retail price of petroleum decreased by VNĐ309 to VNĐ17,274 (77 US cents) per litre as of 3pm on Friday, the Ministry of Industry and Trade (MoIT) said.