The Ministries of Industry and Trade, and Finance released a joint statement on Friday, allowing fuel wholesalers to increase retail prices of oil and petroleum products by VND204 to VND247 a liter starting 8pm the same day.
Petrolimex, the country’s largest fuel wholesaler, set the new price for A92 gasoline at VND24,510 a liter, VND300 higher than the old rate. Most of other wholesalers followed suit.
Diesel oil was subject to a VND240 a liter increase, selling VND22,779 a liter, while the respective hikes for kerosene and fuel oil were VND230 and VND200 a liter.
The management authorities cited rising global fuel prices for the domestic price hikes.
The average price of A92 petrol on the global market over the last 30 days topped US$115.16 a barrel, sending wholesalers to suffer a loss of VND204 to VND527 on every liter of fuel they sold.
This is the first time in 2014 gasoline prices were adjusted in Vietnam, but the third increase so far this year for diesel oil, which lost VND400 after the two previous reductions.
Gasoline price was increased by nearly VND600 a liter in late 2013.
Vietnam announces first petrol price hike in 2014 Related image(s)
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