Gasoline prices hiked further

By Manh Quan, Thanh Nien News

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Vietnam raises retail gasoline prices for the fourth time this year on June 19, 2015. File photo Vietnam raises retail gasoline prices for the fourth time this year on June 19, 2015. File photo

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Vietnamese gasoline retailers increased prices by another 1.5 percent this afternoon, the fourth price hike in a row this year.
The country’s most popular gasoline grade 92 RON now sells at VND20,710 (nearly one US dollar) a liter and grade 95 RON at VND21,310 a liter.
The price of E5, the new bio-fuel grade which has received so many promises of price support from the government, also increased to VND20,375.
Diesel prices went down slightly to around VND16,000 a liter and kerosene VND15,000.
Fuel prices increased between 6 percent and 11 percent in the three previous hikes in March and May.
Prices went through 13 consecutive cuts in the second half of last year due to the dip in global oil prices, which have been bouncing back the past months.
A joint statement by the finance and trade ministries said gasoline in the country is still being sold at a loss of nearly 6 percent. Experts, however, have criticized the government's intransparent method to calculate the basic fuel prices based on which traders set their own retail prices.

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