According to the decision jointly issued by the ministries of Finance and Industry and Trade, the price of A.95 petrol increased by VND800 per litre, diesel by VND1,000 and fuel oil by VND500 per litre.
The import tax on petrol remains unchanged, however, both the ministries of Finance and Industry and Trade have asked businesses to deduct part of the price to contribute to the price stabilisation fund.
On the global market, crude oil is now being transacted at US$80 per barrel, US$5 higher than it was 20 days ago. With the new retail price of petrol, businesses are now facing losses of around VND1,000 per litre.
The decision follows a proposal put forward by three major petrol wholesalers. Prices had previously surged by VND300 per litre for petrol and VND500 for diesel on October 24.