Vietnam’s fuel retail prices surge on world trend

The retail prices of A92 gasoline and diesel fuel unexpectedly increased by US$0.07 and US$0.02 a liter respectively on March 28.
The retail prices of A92 gasoline and diesel fuel are now at US$1.17 and US$1.04 per liter respectively, according to a joint committee of the Ministries of Finance and Industry-Trade. Kerosene was raised by 2.2% to US$1.05 per liter.
It was reported that the new gasoline price reached the highest amount ever recorded and put pressure on the government’s efforts to avert an economic slowdown.
“The price hike is necessary given that domestic prices are still low compared with neighboring countries,” Deputy Minister of Industry and Trade Nguyen Cam Tu said live on television.
This is the first time that the country’s fuel retail prices have been adjusted since November 2012 when A92 gasoline retail price was cut by US$0.02 to US$1.10 per liter.
“The oil product price increases will result in higher production cost for local companies, which have already been hard hit by the economic slowdown,” a Hanoi-based stockbroker said.
(March 29, 2013)