Retail gasoline and diesel prices hit another record high from 3:00 pm on June 21 following the latest adjustment by the Ministry of Industry and Trade, and the Ministry of Finance.

Specifically, the retail price of E5 RON 92 gasoline rose to a fresh record of VND31,302 per litre, up VND190, while that of RON95 increased by VND500 to VND32,870 per litre.

Likewise, the retail price of diesel went up VND990 to VND30,010, and that of kerosene climbed by VND950 to VND28,780. Also, the price of mazut was VND 20,730 per per kg, an increase of VND380 per kg.

Since the beginning of the year, retail gasoline prices have been adjusted up 13 times and down for 3 times.

Although a policy on reducing 50% of environmental protection tax on gasoline officially took effect in early April, the decrease in gasoline prices has been still quite modest.

According to the Inter-Ministry of Industry and Trade - Finance, the world petroleum market in the last two price management periods has had many fluctuations. Therefore, the prices of gasoline and finished oil (especially diesel and kerosene) have still increased due to a U.S. ban on Russian oil and gas as demand from other countries remained high.

Due to the relatively low level of the fuel price stabilisation fund, the Inter-Ministry of Industry and Trade - Finance continued not to set aside VND300 per litre into the fun for gasoline, diesel and kerosene. Particularly for mazut oil, VND300 per kg is still deducted into the stabilization fund.

Along with that, the agency continued to use the fund for diesel and kerosene oil at VND400 and VND300 per liter, respectively.

Reporting by QUYNH TRANG - Translating by M.DUNG