Petrol prices up by VND500/litre

The Ministry of Finance and the Ministry of Industry and Trade have agreed to increase retail prices of petrol and mazut oil by VND500/litre and VND1,000/litre respectively, starting August 9.

Accordingly, petrol A92 is now priced at VND14,700/litre and mazut oil costs VND11,500/litre.

The retail price of kerosene is cut by VND500 to VND13,150/litre. Meanwhile, the price of diesel remains unchanged at VND12,000/litre.

The newly adjusted prices are still lower than those from a number of Vietnam’s neighbouring countries such as China, Laos and Cambodia, according to the Ministry of Finance.

The price hike was proposed by wholesale petroleum companies following the soaring oil prices on the world market in the past weeks, hovering around US$74-76/barrel.

Domestic petrol prices were raised by VND700/litre by the two ministries on July 1.

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