Retail prices of petroleum products in Vietnam have increased by 5.3-16.1 percent to reach the highest- ever level due to world hikes, according to the Ministry of Finance on Friday.

Under the ministry's decision on Thursday, petroleum retail prices increased 1,500 Vietnamese dong (VND) (9 U.S. cents) to around 11,000 VND (69 cents) per liter from the night. The hike came after a recent increase in world oil prices, which are standing at around 75 dollars per barrel this week.

Early this month, Vietnam lowered import tariffs imposed on petroleum products to zero percent from five percent.

The country imported nearly 2.7 million tons of petroleum products worth roughly 1.3 billion dollars in the first four months of this year, down 10.3 percent in volume but up 22.4 percent in value over the same period last year, according to the country's General Statistics Office.

Meanwhile, it exported over 5.4 million tons of crude oil worth nearly more than 2.6 billion dollars, down 8.9 percent in volume but up 15.6 percent in value.

Source: Xinhua