Vietnam increased retail prices of petroleum products on Wednesday afternoon due to the world hikes, according to the Vietnamese Finance Ministry.

Retail prices of petroleum products rose by 1,000 Vietnamese dong (VND) (6 U.S. cents) to 12,000 VND (75 cents) per liter, while those of diesel oil and kerosene increased by 800 VND (5 cents). The hike came after a recent increase in world oil prices, which now exceed 76 U.S. dollars per barrel.

This is the second time Vietnam has increased retail prices of petroleum products since the beginning of this year. The first time happened in April.

Vietnam imported over 6.8 million tons of petroleum products worth roughly 3.7 billion dollars in the first seven months of this year, down 2.1 percent in volume but up 29 percent in value over the same period of last year, according to the country's General Statistics Office.

Meanwhile, it exported over 9.6 million tons of crude oil worth more than 4.9 billion dollars, down 5.8 percent in volume but up 22.4 percent in value.

Source: Xinhua