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Fifth petrol prices rise announced
Retail petrol prices in Vietnam rose for the fifth time within three months on Wednesday.
The Ministry of Finance, trade and industry announced the price of the highest-quality fuel in the retail market, A95, will rise by VND700 (3.9 U.S. cents) per liter to VND14,700 (81.7 cents) a liter.
The retail price of A92, the most common type of gasoline, will rise to VND14,200 (79 cents) a liter.
The new diesel price is VND12,100 (67 cents) a liter, VND600 (3.3 cents) a liter higher. And kerosene – mostly used in rural areas for cooking – will sell at VND13,650 (76 cents) a liter.
The decision to increase the petrol price was approved late on Tuesday by the ministries of finance, industry and trade and the new prices came into effect on Wednesday.
Previous retail petrol price rises have followed increases in international oil prices after Vietnam’s state-owned fuel importers claimed to be making a loss on every liter of petrol sold.
However, the price of A92 fuel sold Singapore, where Vietnamese importers source their product, has remained relatively steady over the past three weeks, trading between US$74.98 and $74.90 a barrel.
In the past three months, the Vietnamese government raised on April 2, April 11, May 8, and June 10.
Meanwhile, the retail gas price was also increased on Wednesday.
The price of a 12 kilogram gas tank is at VND212,000 to VND214,000 ($12.40-$12.50), up by VND24,000 ($1.40) per tank.
Vietnam is expected to meet 60 percent of its domestic gas needs when the Dung Quat Oil Refinery gas plant begins processing gas in July.
The Dung Quat Oil Refinery in the central province of Quang Nam is designed to produce 300,000 tons of gas of a year and the Ba Ria Vung Tau Province-based Dinh Co Plant, which has operated for a decade, will produce 250,000 tons a year.
Le Nguyen Minh
vietnews
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