Petrol dealers to cut prices

October 22, 2010 | 15:05
(0) user say
Hanoi - The Ministry of Finance has called on fuel retailers to reduce prices, but will allow them to use resources from the fuel stabilisation fund to offset losses incurred through fluctuating global oil prices.

Under the decision, effective today, importers and retailers will now receive VND550 ($0.028) from the fund for 1 litre of gasoline and diesel sold, VND700 ($0.036) for 1 litre of kerosene, and VND200 ($0.011) for 1 litre of fuel oil that they sell.

The decision follows rising prices for gasoline and oil products in Singapore, the major import market, in the past 30 days. This in turn caused Vietnamese importers and retailers to lose nearly VND1,000 ($0.051) per litre of gasoline.

Meanwhile, the Government has also insisted that the prices of several commodities, such as electricity, coal and fuel, remain the same.

During the last 30 days, prices for A92 lead-free gasoline have been about $85.06 per barrel and diesel prices about $91.64 to $91.99 per barrel.

On Wednesday, lead-free gasoline (the usual gasoline sold in Viet Nam) prices increased to $88.82 per barrel; diesel fuel sold from $93.63 to $93.98 per barrel; and kerosene from $95.21 per barrel.

According to the Viet Nam National Petroleum Corporation or Petrolimex, at those prices, importers and retailers suffered a loss of VND1,000 ($0.051) per litre of lead-free gasoline and VND973 ($0.05) per litre of diesel.

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional