The ministries of Finance and Industry and Trade on May 20 enabled enterprises to increase gasoline prices by 1,200 VND (six cents) per litre in the wake of increasing global fuel prices.
The Vietnam National Petroleum Group (Petrolimex) immediately raised their retail price following the decision.
The new prices are 21,030 VND (1 USD) per litre for RON 95 gasoline, 20,430 VND (97 cents) per litre for RON 92 gasoline and 20,100 VND (95 cents) per litre for biofuel E5.
The ministries said RON 92 prices hit 83.97 USD per barrel in the world market on May 18, and with this, the base price for domestic dealers has been 2,254 VND (11 cents) higher than retail levels. The base price is typically calculated based on the import prices plus taxes, costs and profit quotas for fuel dealers.
The ministries added that they tried to curb price hikes by cutting import tariffs for oil products by 2 to 7 percent, and let enterprises maintain the price stabilisation fund extraction at 300 VND (one cent) per litre.
This is the fifth time petrol prices have been adjusted this year, after two cuts and two increases. Petroleum prices were last raised on May 5 by nearly 2,000 VND (10 cents) per litre.
Transport operators expressed their intentions to lift their rates following the recent fuel price increases.
On May 20, the ministries also allowed dealers to lift the prices of diesel and kerosene by 500 VND (two cents) per litre, and slash the prices of mazut by 64 VND per kg. The prices of these products remained intact, though.
As required by authorities, environmental protection taxes have been tripled to 3,000 VND (14 cents) per litre for gasoline and 1,500 VND (seven cents) per litre for diesel, as of this month.-VNA
The Vietnam National Petroleum Group (Petrolimex) immediately raised their retail price following the decision.
The new prices are 21,030 VND (1 USD) per litre for RON 95 gasoline, 20,430 VND (97 cents) per litre for RON 92 gasoline and 20,100 VND (95 cents) per litre for biofuel E5.
The ministries said RON 92 prices hit 83.97 USD per barrel in the world market on May 18, and with this, the base price for domestic dealers has been 2,254 VND (11 cents) higher than retail levels. The base price is typically calculated based on the import prices plus taxes, costs and profit quotas for fuel dealers.
The ministries added that they tried to curb price hikes by cutting import tariffs for oil products by 2 to 7 percent, and let enterprises maintain the price stabilisation fund extraction at 300 VND (one cent) per litre.
This is the fifth time petrol prices have been adjusted this year, after two cuts and two increases. Petroleum prices were last raised on May 5 by nearly 2,000 VND (10 cents) per litre.
Transport operators expressed their intentions to lift their rates following the recent fuel price increases.
On May 20, the ministries also allowed dealers to lift the prices of diesel and kerosene by 500 VND (two cents) per litre, and slash the prices of mazut by 64 VND per kg. The prices of these products remained intact, though.
As required by authorities, environmental protection taxes have been tripled to 3,000 VND (14 cents) per litre for gasoline and 1,500 VND (seven cents) per litre for diesel, as of this month.-VNA
