Fuel prices in Vietnam hit a record high on Monday after the Ministry of Finance announced the second price hike in a fortnight, which is also the strongest increase in the year to date.
Vietnamese fuel wholesalers were allowed to increase gasoline prices by no more than VND418 a liter, while the respective hikes applied for diesel oil, kerosene, and fuel oil were VND294, VND413, and VND137 a liter, the finance ministry announced late the same day.
Petrolimex, the country’s largest fuel wholesaler, decided to sell A92 gasoline, the most popular petroleum in the country, at VND25,640 (US$1.21) a liter, a strong VND410 a liter increase, starting at 8:00 pm the same day.
A95 gasoline now sells at a record VND26,140 a liter, nearing the VND27,000 mark.
The fuel price hike came after a surge in global fuel prices in the last 30 days, from June 6 to July 7, according to the finance ministry.
Fuel wholesalers were incurring losses ranging from VND413 to VND918 on every liter of fuel they sold.
This is the second fuel price hike in a row in less than 15 days. Petroleum prices increased by VND330 a liter on June 23.
Vietnam has released five fuel price increases in the year to date, with the latest being the strongest.