Retail Gasoline, Oil Prices Rise in Vietnam

Retail gasoline, oil prices rise in Vietnam

HANOI, July 3 (Xinhua) — The retail prices for gasoline and oil has risen in Vietnam by 800 Vietnamese Dong (VND) (0.05 US dollar) one liter on Sunday.

Gasoline prices in the country currently are now 8,800 VND (0. 56 dollar) for one liter of A92 gasoline, 8,600 VND (0.54 dollars) for A90 and 8,400 VND (0.53 dollar) for A80. Meanwhile, the price for diesel fuel has risen by 1,000 VND (0.06 dollar) a liter to 6, 500 VND (0.4 dollar).

According to Vietnam’s Finance Ministry, the adjustment is in the context of increasing prices of oil in the world market, which have been fluctuating between 55-60 dollars per barrel and have even climbed to 61 dollars per barrel on June 27.

The ministry also said that the state budget would have to allocate 9,300 to 10,000 billion VND (590- 630 million dollars) to subsidize these products between now and the end of this year, if prices stay unchanged. The coal, electricity and cement sectors were asked to keep the prices of their products stable.

The previous adjustment was on March 29.