The price of A92 petrol stands at VND13,500 per litre, the price of kerosene is VND13,000 per litre and the price of diesel sits at VND11,500 per litre.     

The decision was made to cope with soaring oil prices on the global market at a time when consumption is forecast to climb sharply this summer. World oil prices now stand at over US$70 per barrel.

The Ministry of Finance will temporarily freeze subsidies on all kinds of oil, diesel, kerosene and other by-products and will control to reduce import-export taxes imposed on them from 30 percent to 25 percent.