Prime Minister Nguyen Xuan Phuc has requested the ministries of industry and trade - and finance, to report on price changes of petrol products this month.

A petrol station selling E5 bio-fuel in central Thua Thien - Hue Province.

The two ministries have been told to work with relevant agencies to review and report price changes for all products in the past few months.

They were also asked to calculate the price difference between petrol products, clarify the reasons, examine taxes and fee policies as well as the operation of the price stabilisation fund.

In the latest price adjustment on January 19, the two ministries decided to increase the retail price of biofuel, which are E5 RON 92 and RON 95 petrol.

E5 RON 92 rose VND429 to VND18,672 (US$0.82) per litre. E5 fuel is a mix of A92 petrol (95 per cent) and biofuel ethanol (5 per cent).

So far, both ministries have yet to utilised a Government special fund to stablise (i.e. lower) selling price for E5 RON 92.

The Ministry of Industry and Trade (MoIT) said that it had announced basis prices of popular petroleum products. However, the selling price of petrol RON 95 was not accompanied by announcements of the basis price.

Petrol RON 95 was sold at up to VND20,990 per litre, according to petrol retailer Petrolimex.

The petrol RON 92 officially stopped selling nationwide from the beginning of this year and was replaced by E5.

While the two ministries are suspected of allowing petrol traders to decide RON 95 selling prices, the MoIT said it did not intend to ignore announcing the basis prices.

Nguyen Anh Tuan, director of the Price Management Department said RON 95 petrol had been adjusted following market mechanisms and the world increases, not the price stabilisation fund.

RON 95 selling prices in Viet Nam of VND3,000-VND5,000 per litre have been lower than in Thailand, India, Cambodia and the Philippines.

Tuan said E5 RON 92 consumption accounted for 60 per cent of total petrol consumption in the market, helping keep the environment clean.

He said the two ministries had closely followed the consumption and price changes of RON 95 in the market to announce a suitable basis price.

Previously, deputy PM Vuong Dinh Hue, who is also head of the price-management board asked the ministries to calculate and announce the basis price for RON 95 petrol.

The municipal People’s Committee has requested agencies and departments to enhance check-ups and supervision on the shift from RON 92 petrol to E5 bio-fuel at petrol stations in the city.

Earlier, the municipal Department of Industry and Trade reported that petrol consumption in the city in the first week of this month was 12,000cu.m.

Most E5 RON 92 consumption was in internal districts where people were familiar with it.

Consumers have made positive responses on the quality and price of E5 RON 92. Ha Noi now has 468 petrol stations. — VNS