In spite of three successive price hikes on petroleum products within only three weeks, many local fuel wholesalers are claiming they still suffer losses due to rising global oil prices.

The traders said they suffer a loss of VND680 per litter of gasoline, VND548 per litter of kerosene, VND450 per litter of diesel, and VND423 for fuel oil.

At the same time, on the world market, the prices of diesel oil and gasoline increased by US$4.5 and $7.52 per barrel, respectively over August 8-17.

Over the last 30 days, the price of petrol and oil in Singapore has increased sharply to US$120.38 per barrel, while the prices of diesel and kerosene increased to $125.91 and $124.53 per barrel, respectively. Meanwhile, the average price of fuel oil is set at $651.89 per ton.

Local experts said the recent price movement may soon lead to the fourth hike price of petroleum products in a row in Vietnam market.

Many wholesalers have called on the Ministry of Finance to cut the taxes on petroleum products but the ministry insists to maintaining the current taxes to ensure revenue sources for the state budget.