Under the new pricing scheme, the two ministries decided neither to set aside nor use the petroleum price stabilization fund during this adjustment period.
Accordingly, the price of E5RON92 was capped at 23,134 VND (0.88 USD) per liter, down 656 VND from the previous ceiling price.
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Retail fuel prices are simultaneously reduced from 15:00 on May 14. (Photo: VGP) |
Meanwhile, the price of RON95-III gasoline was reduced by 276 VND to a maximum of 24,078 VND per liter. Diesel 0.05S now costs no more than 27,226 VND per liter, down 268 VND, while mazut 180CST 3.5S fell by 587 VND to 20,585 VND per kilogram.
The MoIT said global fuel markets during the latest pricing period were influenced by several factors, including reports that the US and Iran were moving towards a temporary agreement to ease tensions, while clashes between the two sides continued and the Strait of Hormuz remained largely blocked. Other factors included the possibility of further interest rate hikes by the U.S. Federal Reserve to curb inflation and the ongoing Russia–Ukraine conflict.
These developments caused global refined fuel prices to fluctuate depending on product categories.
According to the ministry, Vietnam’s retail fuel prices remain lower than those in neighboring countries sharing borders with Vietnam. On May 14, petrol prices stood at around 35,896 VND per liter in Thailand, 33,798 VND in Cambodia, 40,096 VND in Laos, and 35,438 VND in China.
Source: VNA