Business

Ministry requires petrol prices cut on world downward trend

The Finance Ministry has required petrol companies to cut retail petrol prices as from 14:00 on July 28 against the backdrop of declining world prices, with the companies to decide the specific price by themselves.
The Finance Ministry has required petrol companies to cut retail petrolprices as from 14:00 on July 28 against the backdrop of declining worldprices, with the companies to decide the specific price by themselves.

The reduction will mark the 13th adjustment in the domestic market within this year.

The prices of petroleum should go down at least 325 VND per litre,taking into account the gap between the current price and the baseprice.

Meanwhile, the price of diesel 0.05S and keroseneshould not be higher than the base prices of 22,334 VND (1.063 USD) perlitre and 22,464 VND (1.069 USD) per litre.

Mazut (fuel oil),however, still sees its price unchanged but dealers will no longerreceive the price subsidy of 300VND per litre from the Petroleum PriceStabilisation Fund.

On July 18, the Ministries of Finance andIndustry and Trade told retailers to draw 670 VND per litre from thePetroleum Price Stabilisation Fund to offset their losses.-VNA
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