Vietnam raises pump prices on global hikes

By Nguyen Bang - Anh Vu, Thanh Nien News

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Another round of gas price hikes greeted Vietnam motorcyclists Wednesday as fuel giant Petrolimex increased prices for the second time this year, citing upward movements on the global market.
The price of 92-RON gasoline, the most commonly used fuel in Vietnam, went up by VND180 at VND24,690 (US$1.17) per liter, effective 12 p.m. Wednesday.
The diesel price was up VND70 to VND22,840 per liter. The kerosene price remained unchanged at VND22,630 while mazut oil now retails at VND18,890 per kilogram, down VND120 from earlier.
The finance and trade ministries, which approved the hikes, said while world crude oil prices failed to show a clear upward or downward trend, the price of oil products is increasing.
They also allowed fuel traders to continue taking VND300 from the fuel price stabilization fund for every liter of gasoline but stopped the businesses from taking the subsidy for diesel and kerosene.
The fund, established in 2009, gets VND300 from retailers for every liter of fuel they sell, and is used to subsidize prices during periods of high global prices or when the government wants to keep prices low.
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