HANOI: Gasoline and diesel prices in Vietnam continued to rise on Wednesday (March 11), the trade ministry said, even though the government tapped its fuel price stabilisation fund to curb the increases brought about by the US-Israeli strikes on Iran.
Gasoline prices jumped 7.66 per cent, while diesel rose 1.6 per cent, the Ministry of Industry and Trade said. Kerosene prices fell 7.7 per cent.
The ministry said it had begun to draw on the Fuel Price Stabilisation Fund, allocating 4,000 dong US$0.15) per litre for gasoline and kerosene and 5,000 dong per litre for diesel.
Vietnam's fuel stabilisation fund is designed to smooth sharp retail price swings during periods of global volatility, with fuel traders paying a fixed amount per litre of sales into the government-controlled fund.
Since the start of the US-Israeli conflict with Iran, gasoline prices in Vietnam have risen by 44 per cent, with diesel up 59 per cent and kerosene up 66 per cent, according to data from top fuel trader Petrolimex.
Vietnam on Tuesday called on businesses to encourage employees to work from home as part of efforts to reduce fuel consumption.
Prime Minister Pham Minh Chinh also told the Ministry of Finance on Tuesday to scrap environmental protection taxes on fuels. - Reuters
