[T.S.R:16970] The Shape Of Things To Come-Vietnam Hikes Fuel Price By 24 Per Cent

Civil Riots Across Asia Harbinger Currency, Capital And Price Controls On Food and Fuel

Vietnam raised gasoline and diesel prices by up to 24 percent, causing gridlock in the capital Hanoi as motorists scrambled to fill their tanks before the hike took effect.

The increase announced Thursday takes fuel prices to record levels and follows a decision earlier this week to raise electricity rates, adding to the problem of soaring inflation and food prices.

Traffic jams choked busy roads in the capital as car drivers and motorcyclists rushed to fill up before the 10 a.m. deadline when the price increase took effect. Prices for gasoline increased 17.5 percent to 19,300 dong (92 cents) per liter while prices for diesel soared 24 percent to 18,300 dong (87 cents) per liter. 

Safe Harbor Statement:

Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.

 

Nothing in this article is, or should be construed as, investment advice.

 

 

 

 

 

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