Domestic businesses have increased retailed petrol prices by VND1,200 per liter from last night as per instruction by the Ministry of Industry and Trade and the Ministry of Finance.
A liter of Ron 92 now costs VND 20,436 while ethanol gasoline is priced VND 20,106.
Diesel and mazut prices went up VND 500 to VND 16,383 a liter and VND 13,153 a kilogram. Kerosene price reaches VND15,751 after sliding VND 64 a liter.
The two ministries have also cut import tariff rates from 12 percent to 10 percent on diesel, from 20 percent to 13 percent for kerosene and from 13 percent to 10 percent for mazut.
Businesses are ordered to keep contribution level to the price subsidization fund unchanged. The fund’s use level is VND1,054 a liter of traditional gasoline, VND889 a liter of ethanol gasoline, VND328 a liter of diesel and VND324 a kilogram of mazut.
According to the ministries, the petrol price in Vietnam is higher than that in surrounding nations. A liter is priced about VND 22,344 in Cambodia, VND 22,988 in Laos and VND 20,269 in China.
The price increase was to prevent smuggling, the ministries said.
