Ministries request no change in petroleum price

January 29, 2013 | 14:49

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The Ministries of Finance and Industry and Trade issued a circular on January 28 to request petroleum wholesalers not to raise prices.

According to the Ministry of Finance, due to the continuously increasing petroleum prices in the world market, domestic retail prices of petrol Ron 92 have been VND297 per litre lower than global prices during the period between December 27, 2012 and January 25, 2013. The price disparity for kerosene and fuel oil is from VND184 to VND216 per litre.

However, instead of approving a price increase, the ministry has allowed the use of additional VND100-200 from the Petroleum Price Stabilisation Fund for petroleum traders from 4p.m on January 28.

Accordingly, petrol products have been subsidised VND500 per litre from the fund, while before it was VND300; kerosene and fuel oil climbed to VND400 per litre from VND300 and diesel is now VND200 per litre.

The use of additional VND100-200 from the Petroleum Stabilisation Fund will help to balance the retail and import prices.

dtinews

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