Ministry hikes petrol prices

Petrol prices increased late yesterday by VND2,000 (nearly US$0.10) per litre, in a surprise move by the Ministry of Finance that brought the retail price of a litre of petrol to VND21,300 (about $1).

Effective 10pm yesterday, the ministry increased diesel prices by VND2,800 to VND21,100 per litre, kerosene prices by VND2,600 to VND20,800, and fuel oil prices by VND 2,000 to VND16,800.

The ministry said that the price adjustment was essential due to global oil prices that have continued to skyrocket since last month’s petrol price increase on February 24, which had left domestic petrol prices lower than that of neighbouring countries by VND4,800 to VND7,000 per litre, driving up cross-border smuggling in the southern provinces.

After the latest hike, domestic petrol prices remain cheaper than those in Laos, China and Cambodia by VND 2,300 to VND5,000, according to the ministry. — VNS

Tags: Vietnam Petrol prices

Posted by VBN on Mar 30 2011. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry