Vietnam to hike fuel prices as crude rises

HANOI (Reuters) - The Vietnamese government said on Friday it has allowed oil product importers to hike pump prices for oil products by up to nearly 6 percent to offset higher world crude oil prices.

The Finance Ministry said the price changes would take effect from Friday.

The popular 92-octane and 95-octane petrol grades would be raised by up to 4.2 percent to 12,500 dong (70 U.S. cent) and 13,000 dong per liter respectively from 12,000 dong and 12,500 dong per liter now, the statement said.

Pump prices of diesel and kerosene would also be raised to 10,500 dong and 12,000 dong per liter respectively, from 10,000 dong and 11,500 dong per liter now.

Fuel oil would be raised to 9,000 per liter from 8,500 dong, the statement said.

The ministry also said the government would temporarily waive the tax of 500 dong per liter for contributions to the fuel stabilization fund for fuel oil from May 9.

($1=17,780 dong)

(Reporting by Nguyen Nhat Lam)