Vietnam raises fuel prices after multiple reductions

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Vietnam's fuel retailers raised prices on Friday, the first increase after they were cut five times since the beginning of this year,  the Tuoi Tre newspaper reported Saturday.

Under the latest adjustment which took effect at 10 p.m, the major retailers, Petrolimex, PV Oil and Saigon Petro increased most of their products' prices by VND400 per liter.

The most common grade of fuel in Vietnam, 92-RON gasoline, is now sold at VND21,000 per liter, while the 95-RON gasoline is priced at VND21,500 per liter, according to the newspaper.

Diesel oil is sold at VND20,300 per liter, and kerosene's price is set between VND20,150 and 20,250 per liter, it said.

The same day, the Price Management Department under the Ministry of Finance issued a statement saying that the ministry has asked local retailers to review pricing plans registered with the ministry so that the adjustments are "reasonable."

The retailers have to be responsible for the prices and their business performance and report them to the Ministry of Finance, and the Ministry of Industry and Trade.

Since the beginning of this year Vietnam has increased its petroleum prices three times. Meanwhile, in the latest decrease on July 2, the finance ministry had cut  prices by between VND200 and 600 per liter.

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