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Ministries try to minimise the use of fuel price stabilisation funds

Oct 31st at 12:39
31-10-2012 12:39:49+07:00

Ministries try to minimise the use of fuel price stabilisation funds

The two ministries of Finance and of Industry and Trade slashed petrol and diesel oil prices to VND500 to VND300 per litre yesterday in an official letter regulating fuel prices in the local market.

The price of kerosene remains unchanged at VND500 per litre and mazut oil will no longer be supported by the fuel price stabilisation fund.

In addition, the two ministries came to a consensus to keep retail prices and export-import tariffs unchanged for all kinds of petrol and oil.

Key petrol traders are allowed to use the fund in order to compensate for the difference between base price and retail price.

The two ministries will continue to regulate fuel prices in accordance with market mechanisms and will closely monitor the fluctuations of world oil prices.

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