State-owned Petrolimex, Vietnam’s leading fuel importer and distributor, increased the price of 92-octane (92 RON) gasoline by 1.62 percent to VND25,640 (US$1.21) per liter on Monday night.
It is the highest-ever price of the most commonly used gasoline in the country, and the second fuel price hike in two weeks.
Petrolimex had increased retail prices of gasoline by 1.3 percent on June 23.
Also on Monday, the price of 95 RON gasoline also increased by 1.59 percent to VND26,140 ($1.23) per liter.
Diesel with 0.05 percent sulphur content was up 1.28 percent to VND22,820 ($1.07) per liter, the firm said in a statement.
The price of kerosene rose by 1.81 percent to VND22,950 ($1.08) per liter.
The Ministry of Finance, which approved the increases, said they reflected the uptrend of global oil prices, which have caused losses to domestic distributors.
This is the fifth time Vietnam increased gasoline price from the beginning of the year.Last year Vietnam’s fuel prices saw five hikes and six cuts.