Retail price of oil products rise up to five percent

By Bui Hong Nhung   March 21, 2016 | 02:34 am PT
Petrolimex Corporation, Vietnam’s top oil importer and distributor, on March 21, pushed up the retail price of oil products between three percent to almost five percent, in line with rising global oil prices.

The new price for gasoline is VND15,120 ($0.68) per liter for RON 95, up 4.6 percent; VND14,420 for RON 92, up 4.9 percent; while E5 RON 95 is up 4.3 percent to VND13,890.

The price for 0.05 percent sulfur diesel was also adjusted up three percent to VND9,870 per liter.

Kerosene remains unchanged at VND8,900 per liter.

This is the first time this year Petrolimex have increased the price of their oil products.


Source: Petrolimex

On March 3, Petrolimex had kept the cost of all oil products unchanged by using the Oil Stabilization Fund.

Vietnam’s Oil Stabilization Fund is based on a fixed amount which is already included in retail prices. Every oil firm is required to set up its own fund, however its use is determined by a panel made up of representatives from the Ministry of Industry and Trade and the Ministry of Finance, not oil companies. In event global oil prices soar, the stabilization funds can be used to curb domestic price hikes.

The price of Vietnam’s oil product prices are adjusted every 15 days by the Ministry of Industry and Trade.

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