Domestic petrol prices rose for the second time this year on March 19 by an average of 180 VND per litre, with authorities citing consistently high world prices as the reason for granting approval for the hike.
As of the noon of March 19, all petrol stations belonging to Petrolimex, PV Oil and Mipec companies were selling RON 95 and RON 92 grade petrol at 25,190 VND and 24,690 VND (1.19-1.17 USD) per litre respectively.
Diesel prices went up by 70 VND per litre to 22,840 VND.
However, the price of kerosene remained unchanged at 22,630 VND per litre, while the price of mazut (fuel oil) went down by 120 VND per litre to between 18,490 VND and 18,890 VND depending on its grade.
The ministries of Finance and of Industry and Trade explained the latest hike by saying world prices of petrol products excluding mazut have remained high in the past month.
They said that over the last 30 days average world prices for petrol products were higher than domestic prices by between 71 VND and 654 VND per litre, and retailers were therefore suffered a loss of nearly 500 VND per litre.
During this period, mazut prices in the world market were around 113 VND per litre than the domestic price, the ministries estimated.
The latest price hike sought to balance benefits for retailers and consumers, they said.
The Finance Ministry has told retailers they can draw 300 VND per litre from the Petroleum Price Stabilisation Fund to offset their losses. No drawings are allowed for kerosene and diesel, it said.
The last petrol price hike on February 21 adjusted prices by an average of 300 VND per litre.
The price of one litre of RON 92 is currently lower than the record high of 25,070 VND per litre that it reached on July 17, 2013.-VNA
As of the noon of March 19, all petrol stations belonging to Petrolimex, PV Oil and Mipec companies were selling RON 95 and RON 92 grade petrol at 25,190 VND and 24,690 VND (1.19-1.17 USD) per litre respectively.
Diesel prices went up by 70 VND per litre to 22,840 VND.
However, the price of kerosene remained unchanged at 22,630 VND per litre, while the price of mazut (fuel oil) went down by 120 VND per litre to between 18,490 VND and 18,890 VND depending on its grade.
The ministries of Finance and of Industry and Trade explained the latest hike by saying world prices of petrol products excluding mazut have remained high in the past month.
They said that over the last 30 days average world prices for petrol products were higher than domestic prices by between 71 VND and 654 VND per litre, and retailers were therefore suffered a loss of nearly 500 VND per litre.
During this period, mazut prices in the world market were around 113 VND per litre than the domestic price, the ministries estimated.
The latest price hike sought to balance benefits for retailers and consumers, they said.
The Finance Ministry has told retailers they can draw 300 VND per litre from the Petroleum Price Stabilisation Fund to offset their losses. No drawings are allowed for kerosene and diesel, it said.
The last petrol price hike on February 21 adjusted prices by an average of 300 VND per litre.
The price of one litre of RON 92 is currently lower than the record high of 25,070 VND per litre that it reached on July 17, 2013.-VNA
