VNBusinessNews.com - Vietnam's top oil product importer and distributor, Petrolimex, said on Saturday it had raised retail prices of petrol and oil products by up to 4% after world oil prices hit a one-year high earlier this week.

The Hanoi-based firm now retails the popular 92-octane petrol at 15,500 dong ($0.87) per litre, up 2% from 15,200 dong previously. Diesel with 0.05% sulfur rose 4% to 13,300 dong per litre, Petrolimex said in a statement.

The last price change was a reduction of more than 3% on Oct. 1.

Vietnam raised pump prices after the government estimated on Friday annual inflation this month at 2.99%, faster than the annual rise of 2.42% last month.

Vietnam, which still relies heavily on oil product imports and maintains tight control over retail fuel prices, adjusts pump prices regularly in accordance with world crude price movements.

Oil prices rose to a one-year high of $82 earlier this week after rallying more than 10% in a week.

From Dec. 15, oil product distributors will be allowed to raise pump prices automatically without having to seek government approval if world crude prices rise by 7% or more, the government said last week. (Reuters)