The Vietnamese Ministries of Finance, Industry and Trade, and Information and Telecommunication have sit together to agree to raise retail price of A92 gasoline to VND19,000 (US$1.15)/liter, up VND4,500 (US$0.27) or 31.05 per cent against the former price of VND14,500 (US$0.87)/liter, state media reported July 21.
The gasoline price hike, the highest level in Vietnam to date, takes effect 10:00 a.m. on July 21, said the Ministry of Finance.
The increase is in wake of the global crude oil price fluctuations that doubles against the same period last year and averages at US$139 per barrel in 17 early days of July this year, and has a tr to continuously go up in the coming time, said Minister of Finance, Vu Van Ninh.
Together with the gasoline price soar, a liter of diesel 0.05S is sold at VND15,950 (US$0.96), up from VND13,950 (US$0.84) paraffin oil at VND20,000 (US$1.21), up from VND13,900 (US$0.84) and mazut at VND13,000 (US$0.78), up from VND9,500 (US$0.57).
Vietnam would lose VND44,772 billion (US$2.71 billion) in the second half of this year of the country did not raise gasoline price in the circumstance of global oil price hitting US$139 per barrel, brining total loss for this year to VND59,519 billion (US$3.6 billion), the Ministry of Finance said.
If the global oil price reaches between US$145 and US$150 per barrel, Vietnam&rsquos loss is estimated at VND67 trillion-VND72 trillion (US$4.06 billion-4.36 billion) this year if it did not apply gasoline price hike, the ministry added.
Vietnam&rsquos latest gasoline price soar was applied February 25 this year, raising the retail price of A92 gasoline to VND14,500(US$0.87)/liter from VND13,000 (US$0.78)/liter, and of A95 gasoline to VND14,800 (US$0.89) from VND13,300 (US$0.8)/liter.
The Vietnamese government has so far spent VND11 trillion (US$687.5 million) compensating for domestic petroleum importers in the circumstance of ongoing global oil price soar in the first six months of this year. (Local sources)
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