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The retail price of bio-fuel E5 RON 92 rose by VND985 per litre to VND20,688 (US$0.89) while that of diesel increased by VND311 per litre to a level of VND17,695.
The ceiling prices of kerosene and mazut were capped at VND16,625 and VND16,002 per kilo, respectively.
The price of ethanol E100, which is used to calculate the price of E5 RON 92 after the elimination of petrol RON 92, stood at VND14,791 per litre without VAT.
The two ministries review fuel prices every 15 days to keep domestic prices up to date with the global market.
In the two weeks before May 2, world petrol prices went up by between 2.2 per cent and 3.22 per cent.
In the past fortnight, global petrol prices were on the rise at $80.24 a barrel of petrol RON92 and that of RON95 was $82.28 a barrel.
The ministries decided to keep the fund’s expenditure for existing petrol products unchanged.
The balance of Petrolimex’s price stabilisation fund as of Wednesday was negative VND355 billion, Petrolimex said on its website.
This has been the third increase of petrol retail prices so far this year with total increases of VND3,564 and VND3,642 for a litre of bio-fuel E5 RON 92 and RON95, respectively.