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30 August 2009

Vietnam’s oil products to go dearer on crude price hike

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Vietnam is allowing oil product importers to raise their retail prices of petrol, diesel and kerosene, the second hike this month, increasing them by up to 8.3 percent following higher world crude prices, reported

The increases are lower than proposals by the importers who had sought a price hike of up to 10 percent. Oil product retailers raised pump prices by 3.5 percent on August 9.

They now can raise the popular 92-octane petrol price to 15,700 dong ($0.88) per litre, from 14,700 dong previously, following a directive issued by the Finance Ministry and the Trade Ministry, the Labourer newspaper said late on Saturday.

Diesel prices would rise 8.3 percent to 13,100 dong per litre and kerosene up 6.5 percent to 14,000 dong per litre, the directive said.

There were no immediate forecasts of Vietnam's inflation next month. On Wednesday the government said annual inflation in August stood at 1.97 percent, the lowest level since January 2002.




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