Retail petrol prices likely to hit new record highs on June 11

9/6/2022| 19:50

The retail price of petrol RON95 in Vietnam is likely to surpass the VND32,000/litre mark when the government adjusts domestic petrol and oil prices periodically.

Retail petrol prices likely to hit new record highs on June 11Rising oil prices in the world market are likely to fuel domestic retail fuel prices to new highs on June 11.

Statistics from the Ministry of Industry and Trade show that the retail petrol and oil prices in the Singapore market rose US$3-6 per barrel in the past week to US$150.5/barrel for RON92, US$157.4/barrel for RON95, US$170.6/barrel for diesel, US$166.6/barrel for kerosene, and US$636/tonne for fuel oil.

A leader of a petroleum trading company told VTC News said that the rising pol prices in the world market will certainly fuel domestic petroleum prices when both the Ministry of Finance and the Ministry of Industry and Trade adjust the prices on June 11.

The increase depends on the two ministries’ use of the price stabilization fund, but as the fund is slipping into a deficit, the retail petrol prices may go up by VND800-1,000/liter, said the executive.

Currently the retail prices of E5 ROK92 and RON95 are capped at VND30,235/litre and VND31,578/litre respectively.

To cool down the local fuel market, the State management agencies have no choice but to reduce taxes and fees, added the executive.

During a hearing at the ongoing National Assembly session on June 8, Finance Minister Ho Duc Phoc said that the Ministry of Finance would review market trends and consider axing taxes to reduce fuel prices.