Vietnam raises oil prices, again

Thursday, 31 March 2011 00:12 - - {{hitsCtrl.values.hits}}

HANOI (AFP) - Vietnam has raised fuel prices for the second time in just over a month, further stoking concerns about inflation that is the highest in Southeast Asia. A litre of petrol jumped 10 percent to 21,300 dong ($1.01) from 19,300 dong, the Ministry of Finance announced on its website, while a litre of diesel rose from 18,300 to 21,000 dong.

The increase took effect late Wednesday and followed an 18 percent hike on February 24.

The earlier adjustment in subsidised prices was expected after Vietnam devalued its currency, which in turn pushed up the price of imported fuel.

The government blames rising global oil prices for the latest increase, which comes despite efforts to compensate for that by reducing the fuel import tax to zero percent, it said.