Ministries increase retail price of petrol
Petrol businesses have been allowed to increase the price of petrol by 500 VND (0.02 USD).
Petrol businesses have been allowed to increase the price of petrol by 500 VND (0.02 USD).
The price of diesel remains the same, and the price of kerosene has been lowered by 500 VND per litre.
Starting from Aug. 9, A92 unleaded petrol price is being sold at 14,700 VND (0.81 USD), kerosene at 13,150 VND (0.73 USD) per litre and diesel at 12,100 VND (0.76 USD) per litre.
The Ministry of Finance and the Ministry of Industry and Trade were responsible for the price changes. They also decided to temporarily discontinue the use of the Price Stabilisation Fund.
The fund was set up from March this year with a view to minimising fluctuations in domestic retail prices for petrol and diesel amid the price fluctuations of the world market.
After six adjustments to retail prices, petrol prices in Vietnam remained the lowest in the region.
The retail price of A92 petrol in Vietnam has ranged between 0.04USD-0.34 USD per litre lower and diesel between 0.06USD-0.26 USD per litre lower than those in other countries.
The two ministries also considered changes to the import tax on petrol to improve the situation for petrol businesses.
The Ministry of Finance has determined that if retail prices were kept at the previous level, with the addition of compulsory taxes and fees, petrol importers were suffering heavy losses.
The Ministry of Finance reported that it temporarily advanced more than 4 trillion VND (224 million USD) for petrol businesses.
To help deal with the problem, the two ministries accepted the suggested increase in retail prices from petrol businesses to ensure retail prices of petrol and kerosene are on par with regional countries to hinder illegal cross-border trading and encourage savings in production and consumption./.
The price of diesel remains the same, and the price of kerosene has been lowered by 500 VND per litre.
Starting from Aug. 9, A92 unleaded petrol price is being sold at 14,700 VND (0.81 USD), kerosene at 13,150 VND (0.73 USD) per litre and diesel at 12,100 VND (0.76 USD) per litre.
The Ministry of Finance and the Ministry of Industry and Trade were responsible for the price changes. They also decided to temporarily discontinue the use of the Price Stabilisation Fund.
The fund was set up from March this year with a view to minimising fluctuations in domestic retail prices for petrol and diesel amid the price fluctuations of the world market.
After six adjustments to retail prices, petrol prices in Vietnam remained the lowest in the region.
The retail price of A92 petrol in Vietnam has ranged between 0.04USD-0.34 USD per litre lower and diesel between 0.06USD-0.26 USD per litre lower than those in other countries.
The two ministries also considered changes to the import tax on petrol to improve the situation for petrol businesses.
The Ministry of Finance has determined that if retail prices were kept at the previous level, with the addition of compulsory taxes and fees, petrol importers were suffering heavy losses.
The Ministry of Finance reported that it temporarily advanced more than 4 trillion VND (224 million USD) for petrol businesses.
To help deal with the problem, the two ministries accepted the suggested increase in retail prices from petrol businesses to ensure retail prices of petrol and kerosene are on par with regional countries to hinder illegal cross-border trading and encourage savings in production and consumption./.
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