The ministries of Industry and Trade, and Finance have sharply raised retail petrol prices from Monday afternoon.
Illustrative photo
Following the latest adjustment, the price of E5RON92 biofuel increased by VND970 to VND 22,320 per litre and RON95 by VND990 to VND 23,140 per litre.
Diesel prices have also been raised by about VND890 to VND22,520 per litre.
The price hike is said to have resulted from the rising prices of petrol and oil in the global market over the past 20 days.
Nearly 100 petrol stations nationwide were closed during the Tet Lunar New Year holiday, claiming they had run out of stock and lacked employees.
A representative of a station in Hanoi said that they could not buy enough stock and therefore had to limit sales.
According to some petrol retailers, since authorities did not fix new retail prices on January 21 as scheduled and instead moved the announcement to February 1, they were selling at lower commissions or even losses after global prices shot up by over USD81 per barrel during the Tet holiday.
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