VINACHEM

Petroleum traders in Vietnam have decided to increase petrol prices by VND330 per litre, to VND25,230, the highest they have ever been.

The Ministry of Finance and the Ministry of Industry and Trade said the price hike took effect from 8pm on June 23.

Petrol prices reached record high on June 23.

As a result, prices of gasoline were raised by VND330 per litre, kerosene by VND170 per litre and fuel oil by VND270 per kilo. Prices of diesel were kept unchanged.

The ministries said that the price hike was a result of the recent sharp increase in the world petroleum market.

In addition to the price hike, the Ministry of Finance requested petrol companies to decrease their use of of the petrol price stabilisation fund from VND440 per litre to VND300 per litre for gasoline, and from VND410 to VND300 per litre of fuel oil. They were also asked to halt the use of the fund for diesel and kerosene prices.

The price hike has brought petrol prices in Vietnam to a record high of VND25,230 (USD1.18) per litre of gasoline, VND22,540 (USD1.05) per litre of kerosene and VND18,800 (USD0.88) per kilo of fuel oil, while diesel stayed at VND22,530 (USD1.05) per litre.

This is the second petrol price adjustment within two weeks. On June 12, the price of diesel was lowered by VND150 per litre and kerosene by VND110 per litre.