Petrol prices up VND1,430/l
(VOV) - Retail petrol businesses increased their oil and petrol prices by VND362-1,430 per litre, starting at 20.00pm on March 28.
Petrol A92 is now traded at VND24,580/l, beating the record high VND23,800/l level imposed in April 2012.
Diesel, kerosene and mazut prices rose by VND362, 480 and 807 to VND21,912, 22,080 and 18,457 per litre respectively.
The sudden price hike came after petrol businesses received an approval from the Ministry of Finance and Ministry of Industry and Trade to adjust the retail prices.
The two ministries attributed the hike to the recent fluctuations in world oil prices, despite the government’s efforts to stabilise the domestic market, including the use of the Price Stabilisation Fund.
Retail petrol prices have been adjusted four times since the beginning of 2013.
In an interview granted to Vietnam Television, Deputy Minister of Industry and Trade Nguyen Cam Tu said the decision to hike petrol prices is correct, explaining that the Price Stabilisation Fund is running out and businesses have to raise their retail prices to make up losses.