HANOI, June 21 (Xinhua) -- The petroleum prices in Vietnam have set another new record after being adjusted up for the 12th time this year.
This is the third time fuel prices have increased in the country this month.
From Tuesday, the price of RON95 bio-fuel per liter was raised by 498 Vietnamese dongs (around 0.022 U.S. dollars) to a record-high of 32,873 Vietnamese dongs (1.41 dollars).
The price of E5 RON92 petrol rose by 185 Vietnamese dongs (0.008 dollars) and that of diesel oil went up by 999 Vietnamese dongs (0.043 dollars).
The Ministry of Industry and Trade has put forward a proposal to increase the country's fuel reserve by as much as four times, according to a recent report by daily newspaper Vietnam News.
Currently, the country's entire reserve can only meet domestic demand for five to seven days, the newspaper cited Le Viet Nga, deputy head of the ministry's domestic market department.
Despite rising global prices and stronger demand since the beginning of the year, Vietnam has not yet been forced to tap into its national reserve. The country's reserves consisted of trader reserves, refineries and national reserves.
In order to control petrol prices and curb inflation, Vietnam's Ministry of Finance has also proposed to cut environmental protection tax rates for petrol, oil and grease, according to a recent report by daily newspaper Tuoi Tre.