Vietnam raises oil product prices

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The Vietnamese government on Thursday allowed fuel traders to raise retail prices of oil products, citing high global oil prices and rampant smuggling.

Petrolimex, Vietnam's top oil importer and distributor, said it had raised its retail price for 92-octane petrol, the most popular grade, to VND24,550 per liter, while diesel rose to VND21,900 per liter.

Kerosene was raised to VND22,050 per liter and fuel oil jumped to VND18,750 per liter, the Finance Ministry said in a statement.

The ministry said the rainy-day price stabilization fund had run out, while the gap with prices in neighboring countries such as China, Cambodia and Laos has widened, spurring smuggling.

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