3:26:34 PM | 7/8/2005
The Ministry of Finance has allowed petroleum product trading companies to raise the price of a liter of gasoline from VND100 to VND650 (US$1=VND15,780) as of 12am local time today [March 29].
Accordingly, prices of gasoline grades A92 and A90 will be increased to VND8,000/liter and VND7,800 from VND7,500 and VND7,300. Meanwhile diesel oil, kerosene and fuel oil will be retailed at VND5,500, VND4,900 and VND4,000 from VND4,850, VND4,800 and VND3,570, respectively.
This is the first rise this year and the fourth since early 2004.
An official from the Ministry of Finance said the price rise is attributed to global oil price hikes, which lead to heavy losses for oil importers and retailers in the country.
In Vietnam the government sets gasoline retail prices.
Previously, Vietnam had to scrap oil import tariffs due to soaring oil prices on the world market.
The Southeast Asian country is estimated to import 2.8 million tons of refined oil products valued at US$921 million in the first quarter of this year, down 5.4 per cent in volume but up 8.8 per cent in value.
Vietnam imports all its oil products as it doesn't have its own refining facilities.
Vietnamese
