Petrol Price Kept Unchanged Despite Soaring Global Rate
Oil trading companies in Vietnam are unlikely to hike the selling price of petrol in the wake of soaring price of crude oil on the world market, an official said.
Petrol traders have not submitted requests to rake the pump price, he said.
The light sweet crude oil in New York Mercantile Exchange soared to $72.81 a barrel on July 6, up roughly $2 over July 5. On the Singapore exchange, the price of A92 petrol reached $88 a barrel, up 6 per cent against May.
Nguyen Tien Thoa, director of Ministry of Finance’s Price Management Department, said the petrol prices are still within the acceptable levels, citing the reason for the inactivity from oil traders, all state-run.
He said when A92 petrol hovers at $82-89 a barrel spread; the Ministry of Finance applies 5 per cent import tax. If it exceeds $89 a barrel, the import tariff is zero.
Currently, the import tax is 0 per cent.
An oil firm said oil traders now incur VND300-500 loss on every liter of petrol sold.
Moreover, the Ministry of Trade wants to keep the petrol price below VND12,000 a liter to control the soaring inflation. The current A92 petrol is sold at VND11,800 a liter.
State-run general statistics office (GSO) said 11 oil traders imported 6.36 million metric tons of petroleum products worth $.332 billion in the first half of this year, up 10.5 per cent in volume and 8.2 per cent in value. (VNS, Vnexpress)
Vietnamese
