Retail petrol prices were raised 400-900 VND (1-4 US cents) per litre on April 20 evening with the approval of the ministries of Finance and Industry and Trade.

Nguyen Tien Thoa, director of the Ministry of Finance's price administration department, affirmed the adjustment.

Four key petrol importers — Petrolimex, PV Oil, Sai Gon Petro and Petimex — proposed the price hike on April 18 to the Ministry of Finance.

The enterprises had said retail prices were lower than import prices and they were suffering losses as a result.

Tran Van Thinh, general director of the Vietnam National Petroleum Group (Petrolimex), said the company raised prices starting at 8pm. A92 gasoline rose the most sharply by 900 VND to 23,800 VND per litre; diesel increased 500 VND to 21,900 VND per litre; kerosene was up 600 VND to 21,400 VND per litre; and mazut added 400 VND to 19,200 VND per litre.

This is the second time domestic petrol prices have been adjusted this year, and it has pushed the prices of commodities, especially A92, to their highest levels so far.

On March 7, the price of A92 was raised by up to 2,100 VND (0.1 USD) to 22,900 VND per litre.-VNA