Petrol prices increased after eight consecutive decreases. - Photo baocongthuong.vn

HÀ NỘI — The retail prices of oil and petrol increased as of 3pm on Wednesday after eight consecutive decreases following adjustments made by the ministries of finance, and industry and trade.

The two ministries review fuel prices every 15 days to keep domestic prices up to date with the global market. The retail price of bio-fuel E5 RON 92 has been raised to a maximum of VNĐ11,520 (US$0.49) per litre, up VNĐ578, and that of RON 95 was set at no more than VNĐ12,235, up VNĐ640.

The ceiling prices of diesel and kerosene however, were reduced by VNĐ84 and VNĐ83 to VNĐ9,857 and VNĐ7,882 per litre, respectively. The price of mazut was capped at VNĐ8,545 per kilo, down VNĐ125.

According to the ministries, in the 15 days before May 13, the global price of RON 92, which is used to produce biofuel E5, averaged $24.42 per barrel, up $5.9. Prices of RON95 were $26.42 per barrel, $6.7 higher than in the previous period.

The two ministries decided not to use subsidies from the petrol price stabilisation fund.

The ministries said average petrol prices around the world in the past fortnight were on an upward trend to $67.69 a barrel for RON92, up 5.3 per cent from the previous adjustment and $69.31 per barrel of RON95, up 4.6 per cent.

In the last adjustment, prices were reduced. The price of RON95 was decreased by VNĐ308 while that of E5 RON 92 was lowered by VNĐ401 per litre to VNĐ11,939 and VNĐ11,343 per litre respectively. This was the lowest level in the past 13 years. — VNS