The ministries of finance and trade-industry have given the green light to the second gasoline price hike this month with a 6% rise, bringing the retail gasoline price in Viet Nam to VND20,100-21,030 per liter.

The Viet Nam National Petroleum Corporation (Petrolimex), which holds the largest market share of fuel distribution in the country with 48%, raised the retail prices of RON 92 and RON 95 gasoline and E5 biofuel to 20,430 VND, 21,030 VND and 20,100 VND per liter, respectively, from 8:00 pm on Wednesday.

A file photo shows E5 biofuel sold at a gas station in District 3, Ho Chi Minh City.

This is the second consecutive price hike of gasoline prices this month and the third since the beginning of the year. With the latest price increase, current gasoline prices have risen over 30% so far this year.

The price hike is caused by the mounting pressure of world oil prices, the two ministries said, adding that the price of gasoline has continued to rise in the last fifteen days to $83.97 a barrel.

After adding up all the taxes, fees, commissions and allotted profits, the base price of RON 92 gasoline is 2,254 VND higher than the old rates, thus forcing the state agencies to give the go-ahead for the price adjustment.

This is the fifth adjustment of petrol prices since the beginning of the year, after two reductions and two surges.

(Source: tuoitrenews)