Petrol traders ordered to stop abusing stabilisation fund
Petrol traders ordered to stop abusing stabilisation fund
Domestic retail prices for petrol and oil will remain unchanged, while petrol traders have been asked to stop using the fuel stabilisation fund as they are making profits from petrol, the Ministry of Finance has said.
The ministry sent the requirement to petroleum wholesale traders, saying the difference between base price and retail price showed that they made profits of VND31 per litre for A92 petrol and VND248 per litre for mazut.
Kerosene and diesel made losses of VND464 and VND297 per litre respectively.
However, if the traders used the financial assistance of VND300 per litre from the fund for petroleum and diesel and VND500 per litre for kerosene and diezel, they would all make substantial profits.
The ministry attributed the reason for the move to falling petrolium prices in the world market.
According to Bloomberg, petroleum prices in the world market recently hit a four-month low. In the Singapore market, the price of petroleum A92 fell 2.36 per cent to US$109.55 a barrel while petroleum A95 decreased 2.31 per cent to $112.24 a barrel.
At the end of last month, the ministry also announced a similar move to ensure retail prices of the items remain unchanged.
Gas prices in Viet Nam are expected to rise in coming months, reflecting trends in the global market, according to an industry leader.
Chairman of the Viet Nam Gas Association Nguyen Sy Thang made the statement to the Sai Gon Economic Times, saying price hikes appear likely.
However, Thang said the increase would depend on demand in the US and Europe which are the major gas consumers. In addition, the world economic crisis should ensure that demand will not be too high.
He said the association has monitored the world situation and proposed that the Government reduces import tax.
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