The Vietnam National Petroleum Group (Petrolimex) on July 28 reduced theprice of RON 92 gasoline by 330 VND (1.6 US cents) to 25,310 VND (1.21USD) per litre.
The move followed a joint decision by theministries of industry and trade and finance, which asked fuel dealersto cut retail prices.
This is the first time that the retailprice of petrol has been reduced this year after five continuousincreases. However, the decrease was modest as compared to the totalincrease of 1,450 VND (7 cents).
The diesel selling price waslowered by 350 VND to 22,330 VND per litre (1.05 USD), becoming thesecond reduction within 10 days.
The price of kerosene was alsoreduced by 350 VND per litre to 22,460 VND (1.07 USD) while that ofmazut remained unchanged at 18,810 VND per kilo.
According to theministries, retail prices were about 275 VND (1.3 cents) lower than thebase price, which is typically calculated as the import prices plustaxes, costs and profit quotas for fuel dealers.
With a previoussubsidy of 670 VND (3.2 cents) per litre from the price stabilisationfund, retail prices were about 395 VND (1.9 cents) higher than the baseprice.
With falling world petrol prices, the ministries reduced the stabilisation fund subsidy level to 600 VND (2.9 cents) per litre.
Asretail prices of diesel and kerosene remained 346 VND (1.6 cents)higher than the base price, authorities move to decrease prices on July28.
Subsidies for mazut, a low quality fuel oil used ingenerating plants, were discontinued with retail prices sitting at 26VND (0.1 cent) per kilo lower than the base price.
Statisticsfrom the Vietnam Petroleum Association on July 28 showed that fuelprices in the Singapore market – from where Vietnam sources most of itsfuel, had reduced significantly.
On July 24, the price of petrolA92 was 115.6 USD a barrel, diesel was 118.5 USD a barrel, kerosene118.81 USD a barrel while mazut was 597.87 USD per tonne.
The association said that after using the stabilisation fund, all items showed a profit.
OnJuly 18, the two ministries asked fuel dealers to reduce retail pricesof oil by 136-174 VND (0.6-0.8 cents) a litre while not increasingpetrol prices.
Under the Government's Decree 84/2009/ND-CP, traders can adjust petrol prices up to 7 percent in line with world prices.-VNA
The move followed a joint decision by theministries of industry and trade and finance, which asked fuel dealersto cut retail prices.
This is the first time that the retailprice of petrol has been reduced this year after five continuousincreases. However, the decrease was modest as compared to the totalincrease of 1,450 VND (7 cents).
The diesel selling price waslowered by 350 VND to 22,330 VND per litre (1.05 USD), becoming thesecond reduction within 10 days.
The price of kerosene was alsoreduced by 350 VND per litre to 22,460 VND (1.07 USD) while that ofmazut remained unchanged at 18,810 VND per kilo.
According to theministries, retail prices were about 275 VND (1.3 cents) lower than thebase price, which is typically calculated as the import prices plustaxes, costs and profit quotas for fuel dealers.
With a previoussubsidy of 670 VND (3.2 cents) per litre from the price stabilisationfund, retail prices were about 395 VND (1.9 cents) higher than the baseprice.
With falling world petrol prices, the ministries reduced the stabilisation fund subsidy level to 600 VND (2.9 cents) per litre.
Asretail prices of diesel and kerosene remained 346 VND (1.6 cents)higher than the base price, authorities move to decrease prices on July28.
Subsidies for mazut, a low quality fuel oil used ingenerating plants, were discontinued with retail prices sitting at 26VND (0.1 cent) per kilo lower than the base price.
Statisticsfrom the Vietnam Petroleum Association on July 28 showed that fuelprices in the Singapore market – from where Vietnam sources most of itsfuel, had reduced significantly.
On July 24, the price of petrolA92 was 115.6 USD a barrel, diesel was 118.5 USD a barrel, kerosene118.81 USD a barrel while mazut was 597.87 USD per tonne.
The association said that after using the stabilisation fund, all items showed a profit.
OnJuly 18, the two ministries asked fuel dealers to reduce retail pricesof oil by 136-174 VND (0.6-0.8 cents) a litre while not increasingpetrol prices.
Under the Government's Decree 84/2009/ND-CP, traders can adjust petrol prices up to 7 percent in line with world prices.-VNA
