The two ministries of Finance, and Industry and Trade on Sept. 11 decided to reduce the import tax rate for petrol and oil instead of increasing petrol and oil retail prices on the domestic market due to higher world oil prices.
The new rate dropped by 2 percent, from 12 percent to 10 percent, to keep retail prices stable at 23,650 VND (1.12 USD) per litre for A92 petrol and 21,800 VND per litre for diesel oil.
The two ministries also decided that petrol and oil traders would get compensation from the price stabilisation fund for their losses due to increases in the world market with rates of between 550 VND and 600 VND for a litre of petrol, fuel oil and diesel oil.
On August 28, petroleum importers added 650 VND per litre to the existing retail prices for petrol and said that they still suffered losses of 450-760 VND per litre.
Recently, local petrol dealers submitted a proposal to the Finance Ministry to increase retail petrol prices by 1,000 VND per litre and oil prices by 1,300 VND per litre.
This was the fifth consecutive time that petroleum importers proposed a price increase to the ministry. If it is approved, the new retail price would set a new record of more than 24,000 VND per litre.
Meanwhile, gas traders said the current price of gas on the world market rose by 50 USD per tonne to 1,000 USD against the price early this month.
If the price remains high by the end of this year, the domestic gas traders would increase the retail price on the local market by 15,000VND per 12-kg tank of gas to 433,000 VND.
On September 1, the local gas price surged by 51,000 VND per 12-kg tank to 418,000 VND.-VNA
The new rate dropped by 2 percent, from 12 percent to 10 percent, to keep retail prices stable at 23,650 VND (1.12 USD) per litre for A92 petrol and 21,800 VND per litre for diesel oil.
The two ministries also decided that petrol and oil traders would get compensation from the price stabilisation fund for their losses due to increases in the world market with rates of between 550 VND and 600 VND for a litre of petrol, fuel oil and diesel oil.
On August 28, petroleum importers added 650 VND per litre to the existing retail prices for petrol and said that they still suffered losses of 450-760 VND per litre.
Recently, local petrol dealers submitted a proposal to the Finance Ministry to increase retail petrol prices by 1,000 VND per litre and oil prices by 1,300 VND per litre.
This was the fifth consecutive time that petroleum importers proposed a price increase to the ministry. If it is approved, the new retail price would set a new record of more than 24,000 VND per litre.
Meanwhile, gas traders said the current price of gas on the world market rose by 50 USD per tonne to 1,000 USD against the price early this month.
If the price remains high by the end of this year, the domestic gas traders would increase the retail price on the local market by 15,000VND per 12-kg tank of gas to 433,000 VND.
On September 1, the local gas price surged by 51,000 VND per 12-kg tank to 418,000 VND.-VNA
