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Gas prices rise by up to 9.5 percent   2009-06-11 - Thanh Nien

Fuel traders Wednesday raised retail prices of gasoline, diesel and kerosene by up to 9.5 percent after receiving permission from the Ministry of Finance and the Ministry of Industry and Trade.


The popular 92-octane gasoline is now priced at VND13,500 (US$0.75) per liter, up from VND12,500. Diesel and kerosene prices have risen to VND11,500 and VND13,000 per liter from VND10,500 and VND12,000 respectively.

A Finance Ministry statement says import tax on mazut, or machine oil, is likely to be lowered to 25 percent from the current 30 percent.

Fuel retailers are reportedly incurring a loss of about VND2,000 (11.8 cents) a liter of the 92-octane gasoline as world oil prices climb to over $70 a barrel.

Vietnam imported 5.5 million tons of petroleum products worth $2.2 billion in the first five months of this year, seeing respective year-on-year declines of 5 percent and 55.3 percent, according to the General Statistics Office.

Crude oil for July delivery advanced as much as 2.3 percent, a seven-month high of $71.65 a barrel in after-hours trading on the New York Mercantile Exchange, Bloomberg reported. Crude traded at $71.50 at 4:22 p.m. Wednesday in Singapore, after gaining $1.92 to $70.01 Tuesday, the highest settlement since November 4.

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