Prices of oil and gas rise by VND500 per litre

All businesses increased the prices of oil and gas by VND500 per litre from 8am on May 8 with the agreement of the Ministry of Finance and Ministry of Industry and Trade.

As a result, the price of A92 petrol now stands at VND12,500 per litre, the price of kerosene is VND12,000 per litre and the price of diesel sits at VND10,500 per litre.

The rises were agreed late on May 7 but the two ministries requested all businesses not to raise prices before midnight.

The price increases were introduced because global oil prices tend to rise in the summer, when there is a higher demand.

At 7.30pm on May 7 (local time), the price of oil in New York reached US$57.97 per barrel, up US$1.63 compared to transactions on May 6. The price of oil in London on May 7 rose to US$57.6 per barrel, up US$1.45 against May 6.

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