A petrol station in Hà Nội. The local petrol prices were increased yesterday folliwng the rise in the world market. — VNA/VNS Photo Huy Hùng

HÀ NỘI — The retail prices of petrol and oil increased at 3pm on Thursday following the latest price review by the ministries of Industry and Trade, and Finance.

Bio-fuel E5 RON 92 went up VNĐ882 to VNĐ12,402 (US$0.53) per litre, and RON95 increased by VNĐ890 to reach VNĐ13,125.

The prices of diesel and kerosene went up by VNĐ892 and VNĐ875 to VNĐ10,749 and VNĐ8,757 per litre, respectively. The price of mazut was capped at VNĐ9,492 per kilo, up VNĐ947.

According to the two ministries, the average price of petrol and oil in the world market had seen strong increases in the 15-day period before the latest price review.

The two ministries said global petrol prices were $32.8 per barrel of petrol RON92 while the price of RON95 reached $35.6 per barrel, increasing 34 per cent and 35 per cent respectively.

Currently, the COVID-19 pandemic worldwide has been on a downward trend. Countries have begun implementing measures to boost production and business activities. Therefore, demand for goods, especially fuel and energy products have been increasing again, causing gasoline prices to increase sharply.

The two ministries also decided to use VNĐ600 per litre of bio-fuel E5 and VNĐ400 per litre of RON 95 from the petrol price stabilisation fund.

This has been the second consecutive increase after eight decreases so far this year.

In the latest adjustment on May 13, the prices of E5 RON 92 and RON 95 were increased by VNĐ578 and VNĐ604 per litre respectively. Meanwhile, the price of diesel was reduced by VNĐ84 per litre, kerosene VNĐ83 per litre and mazut VNĐ125 per kilo. — VNS