Vietnam hikes fuel prices after 3 cuts

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Fuel retailers hiked pump prices Friday to VND23,756 (US$1.13) following a rise in global prices since early May.

It represents a 1.83 percent increase in the price of RON 92, the country's most popular grade of gasoline.

It was the first hike since late April after three cuts in a row that saw the price decline by VND1,200.

Diesel prices have been increased by 1.04 percent to VND21,471. Kerosene and fuel oil prices remain unchanged.

After global prices began to rise in May the Ministry of Finance cut gasoline import tariffs by 1 percentage point to 18 percent and permitted withdrawals of VND160-400 per liter from the price stabilization fund.

The ministry has now allowed the price hike citing the continued increase in global prices since then.

It also announced a cutback in the use of the price stabilization fund to VND300 for every liter of petrol and diesel sold from VND400. But it has been hiked to VND300 from VND290 for kerosene.    

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