Fuel prices remain unchanged

05:11' PM - Thursday, 17/01/2019

Retail fuel prices were kept unchanged following the periodical adjustment of fuel prices on January 16 in spite of a sharp rise in global fuel prices, the local media reported, citing a statement jointly issued by the ministries of Industry and Trade and Finance.

Accordingly, the retail price of bio-fuel E5 RON92 petrol remains unchanged at VND16,270 per liter and the higher-grade RON95 petrol is still priced at VND17,600 per liter. In addition, diesel 0.05 and kerosene sell for VND14,900 and VND14,180 per liter, respectively. Heavy fuel oil 3.5S is capped at VND13,275 per kilogram.

Instead of adjusting fuel prices upward due to the spike in global fuel prices, the two ministries decided to further tap the price stabilization fund to keep local fuel prices unchanged.

The extraction of RON95 gasoline sold to customers to replenish the national price stabilization fund is VND300 a liter, which is lower than the previous figure of VND500 per liter. Besides this, local traders are allowed to take VND300 for every liter of diesel oil, kerosene and heavy fuel oil sold to customers to add to the fund, lower than the previous levels of VND800, VND700 and VND500, respectively. Meanwhile, the extraction of E5 RON92 gasoline remained unchanged at VND0 per liter.

Also, retailers get VND1,462 from the fund for each liter of bio-fuel E5 RON92 sold, up from the previous VND550, and VND645 for each liter of RON95. For diesel oil, kerosene and heavy fuel oil, which were not entitled to this fund for the previous adjustment, retailers are allowed to take VND300 per liter, VND295per liter and VND583 per kilogram, respectively.

The global fuel price is on the rise, according to the two ministries. The price averaged out at US$58.47 per barrel of RON92 gasoline during the 15 days before January 16, up US$5.12 per barrel, and at US$60.49 per barrel of RON95 petrol. The average price of diesel oil at the time was US$68.78 per barrel, edging up US$6.02 per barrel. - SGT -

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