Petrol prices experience third increase in less than a month

Petrol prices has officially been raised by VND1,100 per litre from 5pm today (August 13), while oil prices also increase between VND500-800 per litre.

 

This is the third rise within less than a month after increases of VND300-400 per litre of petrol or oil on July 20 and the rise of between VND500-VND900 per litre of petrol or oil on August 1.

According to a representative from Petrolimex, the corporation raised the price of A92 petrol to VND23,000 per litre from a previous VND21,900. Diesel prices have increased to VND750 per litre, kerosene VND800 per litre and mazut VND500 per kilogramme.

Many other petroleum traders have yet to announce their specific adjustments.

Petrol wholesalers approached the Ministry of Finance several days ago seeking approval for an increase of VND1,400 on petrol and a rise of VND600-800 per litre of oil. They said that world oil prices had sharply increased to around USD128 per barrel on August 8, jumping from USD110-117 per barrel in July. In addition, Dung Quat Oil Refinery has halted operations for technical problems, leaving local petrol business seeking supplies from other sources, such as Singapore, South Korea, China, Taiwan and the Middle East.

However, Binh Son Refining and Petrochemical Company, the manger of Dung Quat Oil Refinery, said the a-week operation halt would not affect the domestic petroleum supply because presently the refinery only produced around 100,000 tonnes of different products, including liquefied gas, fuel oil, petrol and oil.