Following the Finance Ministrys new regulation, as of July 3, the retail sale price for petrol and oil officially increased by VND800-1,600 per liter. At Casumina - a rubber production company - for instance, rising fuel prices caused rubber production costs to increase by five percent.
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| After the July 3 price hike, motorbike drivers must pay an additional VND20,000 per month, on averag |
Following the Finance Ministrys new regulation, as of July 3, the retail sale price for petrol and oil officially increased by VND800-1,600 per liter. At Casumina - a rubber production company - for instance, rising fuel prices caused rubber production costs to increase by five percent. The companys deputy director, Le Van Tri, reported that Casumina would not change its selling price in July, as the company still had long-term raw material purchase contracts, but in August it would be forced to increase its prices due to the continued rise in oil and petrol prices.
Experts say the higher price of oil and petrol is being felt throughout
The Finance Ministry estimates that the increased fuel prices have increased the cost of cement production by 10 percent, that of fishing by nine percent, that of transport by 2.82-5.72 percent, that of the power sector by 1.3 percent, that of coffee production by over one percent, and that of sugarcane production by 0.2-0.4 percent. After the July 3 price hike, motorbike drivers must pay an additional VND20,000 per month, on average.
(Source: Vietnam Economic News)
