Vietnam's ministries of Industry and Trade and Finance have raised domestic fuel prices, with the new rates taking effect from 3 pm on August 20.
Under the latest adjustment, the retail price of E5 RON 92 petrol increased by VND 600 per litre to VND 21,830 per litre, while E10 RON 95 rose by VND 550 per litre to VND 22,660 per litre.
Diesel prices climbed by VND 1,310 per litre to VND 28,540 per litre. Meanwhile, mazut increased by VND 930 per kilo to VND 17,680 per kilo.
The authorities said no funds would be withdrawn from or added to the petroleum price stabilisation fund during this pricing period.
The increase marks a reversal after two consecutive fuel price cuts. Despite the latest adjustment, fuel prices in Vietnam remain lower than those in several neighbouring countries in the region.
On the global market, oil prices extended gains for a fifth consecutive trading session on August 20 amid concerns that escalating tensions in the Middle East could tighten global supply.
According to Reuters, October Brent crude futures rose 0.28 per cent to USD 91.87 a barrel, while September West Texas Intermediate crude gained 17 cents to USD 86 a barrel.
Market analysts said oil prices continued to be supported by attacks in the Middle East, with few signs that geopolitical tensions were easing and concerns over supply disruptions remaining elevated.
