This was the second time the petrol and oil prices were hiked this month. Photo nld.com.vn

HA NOI (Biz Hub)— The ministries of Finance and Industry and Trade agreed for petrol retailers to increase their price by VND305-367 per litre from 8pm yesterday.

The retail price of diesel oil also rose by VND370 per litre and the rising rates for kerosene and mazut were VND305 and VND328.

After the move, Petrolimex immediately hiked its retail price to VND24,110 per litre, up VND360 from before.

In addition to the price hike, the ministries also decided to reduce the money that kerosene and diesel retailers are allowed to use from the Price Stabilisation Fund to VND200 per litre, a reduction of VND100. The rates for petrol and mazut remained unchanged at VND300 and VND100 respectively.

The ministries said that the move had been made as global petrol and oil prices remained high for the past 30 days. World petrol prices were more than US$114.5 per barrel and the prices of diesel and kerosene were $118.84 and $116.49 per barrel, the ministries said.

This was the second time the petrol and oil prices were hiked this month. The first occasion was June14, when prices rose by VND220-420 per litre. — VNS