The Ministries of Finance, and Industry and Trade agreed for petrol retailers to increase their price by 305-367 VND per litre from 8pm on June 28.

The retail price of diesel oil also rose by 370 VND per litre and the rising rates for kerosene and mazut were 305 VND and 328 VND.

After the move, Petrolimex immediately hiked its retail price to 24,110 VND per litre, up 360 VND from before.

In addition to the price hike, the ministries also decided to reduce the money that kerosene and diesel retailers are allowed to use from the Price Stabilisation Fund to 200 VND per litre, a reduction of 100 VND. The rates for petrol and mazut remained unchanged at 300 VND and 100 VND respectively.

The ministries said that the move had been made as global petrol and oil prices remained high for the past 30 days. World petrol prices are more than 114.5 USD per barrel and the prices of diesel and kerosene were 118.84 USD and 116.49 USD per barrel, the ministries said.

This was the second time the petrol and oil prices were hiked this month. The first occasion was June14, when prices rose by 220-420 VND per litre.-VNA