The price increase took effect as of 10 pm yesterday, along with a hike in the prices of diesel, oil and mazut, making this the second hike in petrol prices within the first three months of the year.

The new prices have been ratified by the Finance Ministry.

The price of diesel has increased by VND2, 800 to VND20, 800 per litre.

Meanwhile, a rise of VND2, 000 per litre has been applied to mazut, which now sells for VND16, 800 per litre.

According to the Finance Ministry, despite the hike, gasoline prices in Vietnam are lower than gasoline prices in Laos, China and Cambodia from VND2, 300 – 5,000 per litre.

To minimize the effects of increased gasoline prices, the ministry will ask relevant departments to check the market in order to prevent increase in the price of other goods and services.

The ministry will also ask people to implement the Government’s plan to save fuel in production and consumption.

A large number of people in Hanoi came to buy petrol after hearing of the price hike. However, many petrol stations closed temporarily for stocktaking at 9:30 pm yesterday.

Recently, the price of petrol and oil in Singapore has increased sharply. On February 22, the price of A92 petrol rose to US$112 per barrel, while the price of diesel and oil increased to $123-125 per barrel.

Earlier on February 24, the Finance Ministry approved the increase on petrol by VND2, 900 to VND19, 300 per litre for A92.

By Bao Minh - Sai Gon Giai Phong - March 30, 2011