An employee of a gasoline station in Ho Chi Minh City changes listed prices / PHOTO COURTESY OF VNEXPRESS
The domestic prices of gasoline were increased by VND300 per liter on Friday after authorities approved the move, saying the hike was necessary following global price fluctuations.
Petrolimex, Vietnam’s leading importer and trader of oil products, listed the new prices of 92 RON and 95 RON at VND24,510 (US$1.15) and VND25,010 ($1.18) per liter, respectively.
The price of diesel was also up VND240 per liter and is now priced at VND22,720 ($1.07) per liter. Kerosene and FO were raised by VND230 and VND 200 per liter, respectively.
The Ministry of Finance and the Ministry of Industry and Trade issued the decision to increase the fuel prices after world prices increased sharply over the past few days, online newspaper VnExpress reported.
The average price of 92 RON, the most commonly used grade of gasoline in Vietnam, has risen to $115.61 a barrel over the last 30 days, while diesel has reached $122.
The changes have made local traders suffer losses between VND204-527 per liter, the news report quoted the ministries’ decision as saying.
Last year Vietnam’s fuel prices saw five hikes and six decreases.
Early this year, Petrolimex reported last year’s pre-tax profits at nearly VND1.93 trillion ($90.8 million), 39.8 percent of which came from its oil products businesses.