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Domestic petrol prices rise again, global trend blamed

HA NOI (VNS)— Domestic petrol prices rose for the second time this year yesterday by an average of VND180 per litre, with authorities citing consistently high world prices as the reason for granting approval for the hike.

As of noon yesterday, all petrol stations belonging to Petrolimex, PV Oil and Mipec companies were selling RON 95 and RON 92 grade petrol at VND25,190 and VND24,690 (US$1.19-1.17) per litre respectively.

Diesel prices went up by VND70 per litre to VND22,840.

However, the price of kerosene remained unchanged at VND22,630 per litre, while the price of mazut (fuel oil) went down by VND120 per litre to between VND18,490 and 18,890 depending on its grade.

The ministries of Finance and of Industry and Trade explained the latest hike by saying world prices of petrol products excluding mazut have remained high in the past month.

They said that over the last 30 days average world prices for petrol products were higher than domestic prices by between VND71 and VND654 per litre, and retailers were therefore suffered a loss of nearly VND500 per litre.

During this period, mazut prices in the world market were around VND113 per litre than the domestic price, the ministries estimated.

The latest price hike sought to balance benefits for retailers and consumers, they said.

The Finance Ministry has told retailers they can draw VND300 per litre from the Petroleum Price Stabilisation Fund to offset their losses. No drawings are allowed for kerosene and diesel, it said.

The last petrol price hike on February 21 adjusted prices by an average of VND300 per litre.

The price of one litre of RON 92 is currently lower than the record high of VND25,070 per litre that it reached on July 17, 2013. — VNS