The interdisciplinary ministries of Industry and Trade and Finance had allowed petro distributors to raise their prices for petroleum products by VND380 to VND650 per liter at maximum since 2pm on December 18.
Accordingly, the price of RON 92 gasoline soared by a maximum of VND584 per liter to VND24,214 per liter. The new level of 0.05s diesel oil is VND22,960 per liter and that of 0.25s diesel oil increases from VND22,260 per liter to VND22,910 per liter. Kerosene is now sold at VND22,400 per liter.
The Ministry of Finance explained that except engine oil, the retail prices of aforesaid oil products were lower than base price by VND914-1,414 per liter. Thus, an increase in price is necessary as global oil prices have been escalating in the past month.
On the other hand, the balance of the gasoline price stabilization fund was at about VND72 billion by December 10.
The ministries also asked the petro distributors to stop using money from the nation's gasoline price stabilization fund for gasoline and diesel oil.