Business

Hike in fuel price reflects global rises

Domestic petrol and oil retail prices rose on August 9 by 410 VND and 400 VND per litre, respectively, announced the Vietnam National Petroleum Corporation (Petrolimex), the largest fuel retailer in the country.
Domestic petrol and oil retail prices rose on August 9 by 410 VND and400 VND per litre, respectively, announced the Vietnam NationalPetroleum Corporation (Petrolimex), the largest fuel retailer in thecountry.

The prices of A95 and A92 petrol are now16,900 VND and 16,400 VND a litre, while the prices of kerosene anddiesel have risen to 15,100 VND and 14,700 VND.

Meanwhile, the wholesale price of fuel oil dropped 310 VND to between 12,690 VND to 12,990 VND a litre.

Bui Ngoc Bao, chairman of Petrolimex, said fuel hikes reflect global price rises.

Retailers have offset their loses by boosting sales of other products,Bao said, adding that retailers have been incurring losses of 500 VNDper litre of oil sold domestically.

The global crudeoil price soared sharply on August 9 to 81.77 USD per barrel, which wasblamed on comments by the Federal Open Market Committee hinting atpossible measures to lift the US economy after meeting with theFederal Reserve.

Earlier, the Ministry of Financehad asked retailers not to adjust fuel prices more than twice a month.It had also asked to be notified of price changes in an effort tocontrol supply and demand./.
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