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25 October 2009

Vietnam raises retail petrol prices

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Vietnamese government has allowed fuel traders to hike pump prices from Saturday to reflect higher global costs for oil after price cuts three weeks ago, reported

The popular 92-octane petrol price now retails at 15,500 dong per liter, from 15,200 dong previously. The diesel price rises by 500 dong to 12,800 dong per liter and kerosene up 700 dong to 14,200 dong, the largest increase among fuel products. The last price change was a reduction of more than 3 percent on October 1. (1$= 17,855 dong)

Oil prices had risen to a one-year high of $82 earlier this week, after rallying more than 10 percent in a week. US crude for December delivery Friday settled down 69 cents a barrel at $80.50, while Brent crude dropped 59 cents to settle at $78.92, according to a Reuters report.

Vietnam raised pump prices after the government estimated on Friday annual inflation this month at 2.99 percent, faster than the annual rise of 2.42 percent last month.

Vietnam, which still relies heavily on oil product imports and maintains tight control over retail fuel prices, adjusts pump prices regularly in accordance with world crude price movements.

From December 15, oil product distributors will be allowed to raise pump prices automatically without having to seek government approval if world crude prices rise by 7 percent or more, the government said last week.


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