Retail prices of gasoline and oil were revised up from 3:00pm Tuesday following the latest adjustment by the Inter-Ministry of Industry and Trade - Finance.

Accordingly, the retail price of E5 RON 92 went up by VND380 to the maximum of VND21,870 per litre, and that of RON 95 rose by VND410 to VND22,750 VND per litre.

Similarly, oil prices were also adjusted up. Specifically, the price of diesel was capped at VND25,070 per liter, a rise of VND290 per litre, whilst that of kerosene increased by VND120 to VND23,780 per litre.

Also in the latest adjustment, the two ministries stopped using the price stabilisation fund, and decided to extract VND200 and VND300 per litre from petrol prices of E5RON92 and RON95 respectively for the petrol price stabilisation fund.

According to the Ministry of Industry and Trade, the world petroleum market from October 21 to November 11 is influenced by such factors as China's increased application of COVID-19 prevention measures, a hike in US crude oil production and exports activities, fluctuations in the dollar, a decline in US business activities raising concerns about economic growth, and central banks’ raising of interest rates to curb inflation. The above-mentioned factors have impacted Viet Nam’s gasoline retail prices.

Reporting by QUYNH TRANG - Translating by M.DUNG