VINACHEM

HA NOI (VNS)— Retail petrol prices have increased by VND1,430 per litre to VND24,580 (US$1.2) while diesel rose by VND362 to VND21,912.

This was above the highest level of VND23,800 imposed in April 2012.

Meanwhile, the price of kerosene rose by VND480 and mazut by VND807 to VND22,080 and VND18,457, respectively.

Announcing the price hike yesterday, the Ministry of Finance attributed its move to recent months' fluctuations in world fuel prices, despite the government's use of the Price Stabilisation Fund and other measures to keep the domestic price stable.

World prices have been VND1,000 to VND2,300 higher than domestic prices since February 26. But the fund ran out and the government was forced to raise fuel prices to prevent smuggling between Viet Nam and border countries, the ministry said. — VNS