Retail petrol prices fell by 500 VND per litre on June 8 after the Ministry of Finance ordered dealers to lower prices nationwide.
Following the adjustment, A92 petrol went from 16,490 VND per litre to 15,990 VND. Diesel went to VND14,400 VND per litre.
The Ministry of Finance also ordered a halt to the price stabilisation fund for petrol, diesel and kerosene effective June 9. The fund had allowed distributors to set aside
money during times of lower oil prices to cover dealer losses when oil prices were higher.
The director of the ministry's price management department, Nguyen Tien Thoa, said yesterday that, even with the new price reduction, a litre of petrol was still providing a
profit to domestic retailers of 200 VND.
The prices of petrol on the Singapore market has fallen sharply. On on June 7, A92 petrol closed at 77.19 USD a barrel, while diesel was being traded at around 82 USD a barrel.
Price control has been a key issue for the Finance Ministry which hopes to reign in price inflation of essential commodities such as electricity, coal, petroleum and food.
Meanwhile, the state is expected to implement the simplification of administrative procedures to shorten customs clearance time and reduce fees for the import and export of goods./.
Following the adjustment, A92 petrol went from 16,490 VND per litre to 15,990 VND. Diesel went to VND14,400 VND per litre.
The Ministry of Finance also ordered a halt to the price stabilisation fund for petrol, diesel and kerosene effective June 9. The fund had allowed distributors to set aside
money during times of lower oil prices to cover dealer losses when oil prices were higher.
The director of the ministry's price management department, Nguyen Tien Thoa, said yesterday that, even with the new price reduction, a litre of petrol was still providing a
profit to domestic retailers of 200 VND.
The prices of petrol on the Singapore market has fallen sharply. On on June 7, A92 petrol closed at 77.19 USD a barrel, while diesel was being traded at around 82 USD a barrel.
Price control has been a key issue for the Finance Ministry which hopes to reign in price inflation of essential commodities such as electricity, coal, petroleum and food.
Meanwhile, the state is expected to implement the simplification of administrative procedures to shorten customs clearance time and reduce fees for the import and export of goods./.
