According to a joint statement issued by the ministries of Industry and Trade and Finance, the price hike has been applied since 5 pm on April 2.
The retail prices of petrol and oil have been sharply increased by nearly VND1,500 (6.4 US cents).
Fuel traders are allowed to raise the price of bio-fuel E5 RON 92 which has been increased to VND18,588 (8 US cents) per litre, up VND1,377, and that of RON 95 no more than VND20,033 (8.6 US cents), up VND1,484.
The ceiling prices of diesel 0.05S and kerosene were increased by VND1,219 and VND1,086 to VND17,087 and VND15,971 per litre, respectively. The price of mazut 80CST was at VND15,210 per kilo, up VND1,127.
The two ministries reported that in the 15 days before April 2, the global price of RON 92, which is used to produce biofuel E5, averaged USD75 per barrel. Prices of RON95 were USD76.43 per barrel, up 4-5% from the previous period.
The ministries decided to keep the use of subsidies from the petrol price stabilisation fund unchanged.
Vietnam may face challenges to achieve GDP growth of 7% this year due to African swine fever and higher power and petroleum prices, experts forecasted.
The electricity price rise would increase CPI by 0.29% in 2019, while higher petroleum prices would create more inflation.
