Petrol retailers hadn't reduced petrol and oil prices because world market prices for refined products were still high, experts said.
World crude oil prices had dropped by 11 percent in total to 77.11 USD per barrel last week, Ministry of Finance's Pricing Control Department head Nguyen Tien Thoa said, but it was difficult to reduce the price of refined products in the domestic market because prices remained high on the world market.
Vietnam National Petroleum Corporation (Petrolimex) deputy general director Vuong Thai Dung said world prices stood at high average levels of 91.82 USD per barrel of A92 petrol, 96.08 USD per barrel of diesel oil, 95.31 USD per barrel of kerosene and 494.4 USD per tonne of fuel oil over the past 30 days. (1 barrel = 159 litres)
At those prices, Petrolimex still lost 1,400-1,700VND a litre of petrol and diesel oil and 700 VND a litre of fuel oil, Dung said.
In such a situation, the petrol price stabilisation fund compensated 500 VND per litre for petrol products and 400 VND per litre for diesel oil and kerosene to reduce dealers' losses and to stabilise domestic prices.
The Ministry of Finance also cut 3-5 percent of import tariff for petrol and diesel products, he said.
But, Sai Gon Petro said the compensation did not cover their losses.
The ministry said it had spent 2 trillion VND (105.3 million USD) to stabilise retail fuel prices and would follow developments on the world market.
At present, domestic retail prices are 16,990 VND per litre of A92 petrol, 17,490 VND per litre of A95, 14,600 VND per litre of diesel oil and 15,000 VND per litre of kerosene./.
World crude oil prices had dropped by 11 percent in total to 77.11 USD per barrel last week, Ministry of Finance's Pricing Control Department head Nguyen Tien Thoa said, but it was difficult to reduce the price of refined products in the domestic market because prices remained high on the world market.
Vietnam National Petroleum Corporation (Petrolimex) deputy general director Vuong Thai Dung said world prices stood at high average levels of 91.82 USD per barrel of A92 petrol, 96.08 USD per barrel of diesel oil, 95.31 USD per barrel of kerosene and 494.4 USD per tonne of fuel oil over the past 30 days. (1 barrel = 159 litres)
At those prices, Petrolimex still lost 1,400-1,700VND a litre of petrol and diesel oil and 700 VND a litre of fuel oil, Dung said.
In such a situation, the petrol price stabilisation fund compensated 500 VND per litre for petrol products and 400 VND per litre for diesel oil and kerosene to reduce dealers' losses and to stabilise domestic prices.
The Ministry of Finance also cut 3-5 percent of import tariff for petrol and diesel products, he said.
But, Sai Gon Petro said the compensation did not cover their losses.
The ministry said it had spent 2 trillion VND (105.3 million USD) to stabilise retail fuel prices and would follow developments on the world market.
At present, domestic retail prices are 16,990 VND per litre of A92 petrol, 17,490 VND per litre of A95, 14,600 VND per litre of diesel oil and 15,000 VND per litre of kerosene./.
