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Vietnam raises retail fuel prices slightly

HANOI, May 22 (Xinhua) -- Vietnam has slightly raised the retail prices of gasoline and other oil products after three cuts, the Ministry of Industry and Trade said on Monday.

Gasoline prices rose between 1.7 percent and 2.3 percent to 21,490 Vietnamese dong (0.9 U.S. dollars) per liter for RON95 bio-fuel and to 20,480 dong per liter for E5 RON92 while diesel inched up 1.68 percent to 17,950 dong, the trade ministry said a statement.

The changes, effective from 3:00 p.m. Hanoi time, were made in line with international oil markets where fuel products have increased by 0.7 to 3 percent in the past 10 days, the ministry said.

Global oil prices have been trading mixed on outlook uncertainties caused by oil output cuts by OPEC+ producers, the U.S. debt ceiling, stagnant industrial activity, and ongoing high-interest rates, said the industry.

Besides, worries about some combination of persistent inflation and continued monetary tightening by central banks have spurred global oil prices higher, said the trade ministry.

After the adjustment, consumers now have to pay an extra 300 dong per liter for fuel products, which will go towards the stabilization of fuel prices in the future.

Vietnam allows petrol distributors to set up a petrol price stabilization fund that they can tap to help ease losses. (1 U.S. dollar equals 23,684 Vietnamese dong).