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Ministry acknowledges higher transport costs of imported fuel

By Hoai Thu   November 8, 2022 | 08:44 pm PT
Ministry acknowledges higher transport costs of imported fuel
People purchase gasoline at a gas station in HCMC's District 1, November 2022. Photo by VnExpress/Thanh Tung
The Ministry of Finance has agreed to factor in an increase in the transportation cost of importing fuel, which will enable a hike in retail prices.

The costs will now be VND290-560 (1.2-2.3 cents) higher for a liter of gas and VND160-660 for diesel, and reflected in retail prices from Friday.

The ministry has not made an adjustment to transport costs since July 10 and so the rising costs were not reflected in fuel retail prices. For months now fuel retailers have been complaining about losses and closing down.

The higher transport costs are expected to increase the prices of RON 92 gasoline and diesel by around VND50 per liter, RON 95 gasoline by VND150 and kerosene by VND720.

Vietnam's fuel imports in the first 10 months of this year rose by 22.8% year-on-year to 7.13 million tons.

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