The government of Vietnam has decided to raise the retail prices of gasoline by VND1,700 per liter in the wake of the global oil price soar, which nearly hooks US$100 per barrel, said the Ministry of Finance.
From 11:00 am today [November 22], Ron 92 gasoline escalated to VND13,000 per liter and Ron 95 to VND13,300 per liter.
Earlier, local oil traders proposed to raise the prices by between VND1,700 and VND2,300 per liter.
With new gasoline prices, diesel of 0.25 S and paraffin are also added with VND1,500 and 1,600 per liter, to VND10,200 per liter of 0.25S diesel, VND10,250 of 0.05S diesel, VND10,200 of paraffin.
Meanwhile, mazut escated by VND2,500 to VND8,500 per kilogram.
Experts said that local market will continue witnessing more diesel price hikes in 2008 to to balance expenditures of traders.
Within the first 11 days of November, local gasoline traders faced a loss of VND1,900 per liter of gasoline, VND3,846 diesel, VND4,165 paraffin.
The traders are estimated to lose VND6 trillion (US$375 million) in the last two months of this year, they added. (News)
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