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Vietnam adjusts retail fuel prices up in line with global market

HANOI, March 13 (Xinhua) -- Vietnam has raised retail prices of gasoline and oil products by up to 2.14 percent as global demand has jumped while production output is on the decline, the Ministry of Industry and Trade said on Monday.

Gasoline prices rose 2.14 percent to 23,818 Vietnamese dong (around 1 U.S. dollar) per liter for RON95 bio-fuel, and 1.72 percent to 22,806 Vietnamese dong (0.97 dollars) per liter for E5 RON92, said the ministry.

Diesel prices inched up 1.24 percent to 20,502 Vietnamese dong (0.87 dollars) per liter while kerosene edged up 1.2 percent to 20,715 Vietnamese dong (0.88 dollars).

The trade ministry said the hike in oil and gas prices, effective from 3:00 p.m. local time Monday, was made in line with the global market.

Global gas prices have increased around 2.3 percent and oil products climbed by between 1.78 percent and 6.83 percent since Vietnam's latest price adjustments on March 1, according to the ministry.

Despite expectations of U.S. rate hikes weighing on the global growth outlook, oil prices are under the influence of Russia's output cut of 500,000 barrels per day and hopes for China demand, the trade ministry said in a statement.

Vietnam's total fuel supply this year is forecast to grow 15 percent from last year to meet rising demand as the Southeast Asian country is recovering from the COVID-19 pandemic.

Statistics released by the trade ministry showed that the total fuel supply was nearly 25.58 million cubic meters, including 8.87 million cubic meters from imports and 15.69 million cubic meters from local refineries last year.