Fuel traders in Vietnam Sunday increased gasoline prices for the second time this year, saying that the move is to offset losses caused by high import prices.
Diesel prices, meanwhile, are kept unchanged.
Vietnamââ‚¬â„¢s top fuel importer Petrolimex said petrol prices will be raised by VND590 per liter from 12:00 p.m. on Sunday, meaning that the popular A92 gasoline will retail at VND16,990, and the A95 at VND17,490.
Saigon Petro and some other fuel companies have also announced similar increases.
The fuel traders said world oil prices climbed this month, leaving them with losses.
Oil prices rose toward US$80 a barrel on Friday as refinery strikes in France and tensions about Iran's nuclear program outweighed fears that US monetary tightening could slow demand growth in the world's largest oil consumer, Reuters reported.
US crude for March delivery rose 75 cents to settle at $79.81 a barrel, marking a 7.7 percent rise for the week, the highest one-week percentage gain for front-month crude since October. In London, ICE Brent crude for April rose 41 cents to $78.19 a barrel.
Reported by Truong Son