The price of petrol continues rising to bring in concerns as economic expenses which are attached to fuel consumption obviously will be up as a consequence.
Petrol price adjustment in a swing. Photo: Internet
The joint ministerial document released by the Ministries of Industry and Trade and Finance demonstrated that gasolene RON 92 increases by VND599 (roughly US$0.026) per litre up to VND17,025 (roughly US$0.75) per litre as of 3 PM today.
According to the order, gasolene E5, diesel 0.05S, kerosene, mazut also rise by US$0.012 to US$0.025 per litre.
This is the 2nd times of petrol increase within recent one month, particularly gasolene RON 92 rising up to VND16,426 (roughly US$0.723) on July 20 from VND16,069 (roughly US$0.707) per litre on July 5 and VND17,025 (roughly US$0.75) on August 4.
Many enterprises are expressing concerns over the price rise of US$0.043 within one month only on gasolene RON 92 and other kinds of petrol, a move that may cause expense costs for fuel consumption related industries in particular and the economy in general.
Experts said that sectors such as electricity, automobile and motorcycle, steel, garment and textile, footwear, fishery may be negatively affected as a consequence of a petrol price increase.
In response, authorities in charge confirmed that the domestic petrol price was experiencing a hard hit from the rising pressure of the globe.
As of the end of last July, the international petrol price rised strongly and it experienced several sessions of continuous rise as a result of tightened supplies in the United States and a possibility of punishment posed on Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC) by the US.
Under the global rising pressure of petrol price and relief of burdens of enterprises, the Ministries made decision to use the price stabilization fund to support current price on the domestic market.
Particularly, around VND110 (US$0.0048) is used to support per litre for gasolene RON 92 and VND90, VND70, VND110 (roughly US$0.0039, 0.003, 0.0048) are extracted to support gasolene E5, diesel, kerosene, respectively.
Since early this year, the petrol price has experienced 15 sessions of adjustment, of which the gasolene price has faced five times of rise, seven times of reduction.
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