VND400 hike in fuel price reflects global rises

Domestic petrol and oil retail prices rose on Monday by VND410 and VND400 per litre, respectively, announced the Viet Nam National Petroleum Corporation (Petrolimex), the largest fuel retailer in the country.

The prices of A95 and A92 petrol are now VND16,900 and VND16,400 a litre, while the prices of kerosene and diesel have risen to VND15,100 and VND14,700.

Meanwhile, the wholesale price of fuel oil dropped VND310 to between VND12,690 to VND12,990 a litre.

Bui Ngoc Bao, Chairman of Petrolimex, said fuel hikes reflected global price rises.

Retailers had offset their loses by boosting sales of other products, Bao said, adding that retailers had been incurring loses of VND500 per litre of oil sold domestically.

The global crude oil price soared sharply yesterday to US$81.77 per barrel, which was blamed on comments by the Federal Open Market Committee hinting at possible measures to lift the US economy after meeting with the Federal Reserve.

Earlier, the Ministry of Finance had asked retailers not to adjust fuel prices more than twice a month. It had also asked to be notified of price changes in an effort to control supply and demand.

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