Petrol traders can use stabilisation funds
Petrol traders can use stabilisation funds
Fuel wholesalers could use up to VND200 for each litre of petroleum and VND180-160 for every litre of diesel and oil respectively from the price stabilisation fund to cover their losses and keep the current retail prices unchanged.
This is a decision of the Ministry of Finance given in Dispatch 6384/BTC-QLG on fuel price management announced on Thursday.
Head of the ministry's Price Management Department Nguyen Anh Tuan said the world petrol prices have seen complicated changes in the past few days. Fuel traders have reported losses of VND215 per litre of gasoline, VND189 per litre of diesel and VND167 per litre of oil.
This has been the second time this month the ministry asked petroleum wholesalers to maintain retail prices stable.
In the beginning of last month, the ministry asked the traders reduced retail selling prices of diesel, oil and mazut while keep the petroleum prices unchanged.
On March 19th, domestic prices of retail petrol were raised by VND180 per litre, bringing the price per litre of RON 92 to VND24,690 and the price of RON 95 to VND25,190.
Diesel prices were increased by VND70 per litre, with 0.05S diesel priced at VND22,840.
Petrol re-exports allowed
Prime Minister Nguyen Tan Dung has allowed to continue implementing a pilot mechanism of temporary imports and re-exports of oil and petrol to Laos.
The pilot programme would be ended by the end of 2015.
The temporary import for re-export of petrol from Dung Quat Oil Refinery Plant to Laos aimed to reduce transport costs because the country was far from sea ports.
The Ministry of Industry and Trade in November 2013 proposed to continue apply the mechanism after finishing the first phase of the pilot in 2012.
The Government assigned the Viet Nam National Petroleum Group and Petrovietnam Oil (PV Oil) to implement the temporary imports for re-exports from June to December 2012.
According to reports from PV Oil, the total of temporary imports in the period was 24,482 tonnes worth US$23.56 million while the total of re-export was 6,212 tonnes worth $6 million.
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