PV Oil, Petec and Dong Thap Petroleum said prices of fuel products have surged since the beginning of this year and they have incurred losses of as much as VND1,000 per liter, an online newspaper  reported.

World oil prices soared to USD82 per barrel, striking a one-year peak on Wednesday. Prices slid Thursday to more than USD80 on profit taking, according to AFP.

State-owned Petrolimex, which holds about 70 percent market share in Vietnam, has not requested any price hikes yet, VnExpress said in a report Thursday.

According to the report, the Finance Ministry said it has received the request of the three fuel traders but it plans to use tax policies and money from a government fund to stabilize prices first before considering price hikes. The government set up the fund early this year by collecting a portion of the retail sales revenues to stabilize retail prices of fuel products in case global prices rose dramatically.

The government allowed fuel traders to cut retail prices of fuel products by up to VND500 per liter after there were steep declines in global oil markets. The popular 92-octane gasoline is now priced at VND15,200 (USD0.85) per liter. Kerosene retails at VND13,800 and diesel at VND12,800 per liter.

Traders in Vietnam must get state permission for all price changes. But this condition will be removed by a new decree effective December 15 that allows traders to raise prices to a certain level without the government’s okay.