Under the decision by the Ministry of Industry and Trade and the Ministry of Finance, the retail prices of E5 RON 92 and RON 95 rose by VND2,910 and VND2,990 per litre respectively.
Petroleum prices in Vietnam rose from 3 pm on March 11
Diesel and kerosene also increased by VND3,950 and VND3,940 per litre respectively.
Mazut oil witnessed a rise of VND2,520 per kilo.
With the price hike, E5 RON 92 is being sold at VND28,980 per litre, while the price for RON 95 is VND29,820 per litre, diesel at VND25,260 per litre, kerosene at VND23,910 and mazut oil at VND20,980 per kilogramme.
Ahead of the price hike, many people in Hanoi flocked to buy petrol, causing congestion at petrol stations. Many bought large amounts of petrol to save money. Some even brought drums for their purchases.
Several petrol stations in Hanoi have temporarily closed due to fuel shortages amid rocketing demand.
