Retail price of fuel products in Vietnam should be raised additional VND362-1,400 a liter from 20.00pm on March 28, lifted gasoline price to peak all time at VND24,580 a liter.

Accordingly, RON 92 gasoline price was hiked by VND1,430 a liter, while price of Diesel was up by VND362 a liter to VND21,912 a liter and Kerosene and Mazut were increase by VND480 a liter and VND807 a kg respectively.

A92 gasoline is now traded at VND24,580 a liter, beating the record high VND23,800 a liter built in April 2012.

In addition, Ministry of Industry and Trade and Ministry of Finance have both decided to resume the fixed profit of VND300 a liter to major distributors, but will stop using the price from the Stabilization Fund for all fuel.

Two Ministries said that in the late of 2012 and earlly 2013, fuel prices in the world market went uptrend has dragged base prices to up higher, but government has to try to keep prices from the increases, and using the price from the Stabilization Fund only.

However, the Stabilization Fund currently is dry and current prices in Vietnam are at VND2,000-5,000 lower than other countries in region, leaded to agree from government to let price up.

This is the first time prices of fuel increase since November 2012. Before Lunar New Year, major ditributors proposed to hike price but not accepted by government.

 Xangdau.net