Petrol prices were adjusted up for the first time on Tuesday after four previous decreases by Vietnam’s Ministry of Industry and Trade and Ministry of Finance.
The retail prices of the popular RON95 gasoline and bio-fuel E5RON92 both went up by about VND560 to VND22,007 (US$0.92) and VND21,292 ($0.89) per liter, respectively.
The strongest increase is in oil products and in line with the world oil prices in recent times.
Diesel and kerosene now cost VND24,187 ($1.01) and VND22,820 ($0.95) per liter, a rise of VND1,979 and VND1,132, respectively.
The mazut oil price remains unchanged at VND14,094 ($0.59) per kilogram.
The trade and finance ministries also decided to use the petrol price stabilization fund at a rate of VND200-400 per liter for gasoline products and VND708 per kilogram for mazut oil.
After sliding for four successive times, this is the first time that petrol prices have gone up in Vietnam since late August.
The two ministries hiked the cost of transporting petrol from refineries to ports and the domestic difference compared to the world prices.
Many businesses said that it is difficult to maintain operations due to low commissions and supply limits.
As of Monday, more than 100 filling stations closed in Ho Chi Minh City and over 300 stores in some other localities suspended operations, citing a local supply shortage.
However, the trade ministry affirmed that the petrol inventories are basically enough to meet the domestic demand and further imports and domestic purchases continue.