MoF increases petrol, diesel prices

Saturday, Feb 22, 2014 13:27

Petrol distributors are allowed to increase fuel price. — Photo
HA NOI (Biz Hub)  — The Ministry of Finance (MoF) on February 21 allowed petrol distributors to increase fuel prices to a maximum of VND307 per litre.

The hike, which raised the price of the popular gasoline RON92 to VND24,510 per litre and diesel to VND22,770, began at 8pm yesterday.

The price adjustment followed the upward trend of global fuel prices, the ministry said in a statement.

Since last November, the ministry has repeatedly emphasised that the petrol and gasoline businesses have been suffering losses due to global price fluctuations.

It is estimated that 70 per cent of the petrol in the local market is imported, so retail prices depend heavily on global fluctuations.

This is the sixth price hike for petrol and gasoline since early 2013. — VNS

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