Petrol dealers to dip into fund
Petrol dealers to dip into fund
The Ministry of Finance yesterday issued an official letter regulating fuel prices in the local market for the next 30 days in an effort to curb a potential hike following fluctuations of world oil prices.
The ministry said from October 9 to November 8, it would continue to allow petrol traders to claim compensation from the petrol price stabilisation fund, which stands from VND300 – VND500 per litre, for losses incurred from potential global price hikes.
In addition, fuel retail prices in the period will be calculated basing on the world average price plus 12 per cent import tax for gasoline, 10 per cent for kerosene and 8 per cent for diesel.
Other taxes such as special consumption tax, environment tax and value added tax will also be applied as usual to calculate retail prices.
Fuel transportation fees will also be added to prices as is the norm with, VND600 for gasoline, diesel and karosene and VND400 for mazut oil.
The ministry late last week sent a letter to liquefied petroleum gas (LPG) importers nationwide asking them to register their sales prices before putting their products on the market.
The letter said gas importers must email price changes with e-signatures or fax notifications to the ministry, and then call to confirm they have been received.
Importers are also required to explain reasons for price changes and inform their distribution networks.
The move follows a hike in cooking gas prices last week, which spiked by VND16,000 (0.77 US cent) to an average of VND434,000 (US$ 21) per 12-kg canister
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