Vietnam raises pump prices by 4% on global oil hikes
Vietnamese fuel traders on September 18 increased retail gasoline prices for the first time after five consecutive cuts over the last three months, following the global upward trend.
The price of 92-RON gasoline, the most commonly used gas grade in Vietnam, went up by VND612, or 4%, at VND17,950 (US$0.80) per liter, at 3 pm on September 18.
Diesel rose by 4% to VND13,886 per liter. Kerosene now retails at VND12,790 per liter, also up 4% from earlier.
The price of 92-RON gasoline in Singapore, Vietnam’s major supplier, was sold at US$61 a barrel on average during September 3 and 17, up 5% from the previous fifteen-day period, the Ministry of Industry and Trade said.
Earlier, on September 3, Vietnam cut retail gasoline prices by around 6.5% as global oil prices declined.