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 on Oct. 22, importers and retailers will now receive 550 VND (0.028 USD) from the fund for 1 litre of gasoline and diesel sold, 700 VND (0.036 USD) for 1 litre of kerosene, and 200 VND (0.011 USD) 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 1,000 VND (0.051 USD) 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 USD per barrel and diesel prices about 91.64 to 91.99 USD per barrel.

On Oct.20, lead-free gasoline (the usual gasoline sold in Vietnam ) prices increased to 88.82 USD per barrel; diesel fuel sold from 93.63 to 93.98 USD per barrel; and kerosene from 95.21 USD per barrel.

According to the Vietnam National Petroleum Corporation or Petrolimex, at those prices, importers and retailers suffered a loss of 1,000 VND (0.051 USD) per litre of lead-free gasoline and 973 VND (0.05 USD) per litre of diesel./.