Petroleum businesses in Vietnam are fore to still lose VND100 billion (US$6.06 million) a day despite of a sharp rise in petrol price some days ago, said Bui Ngoc Bao, general director of the Vietnam National Petroleum Corporation (Petrolimex).
Bao attributed the increase of 31.05 per cent in gasoline price, and 43.9 per cent, 36.8 per cent and 14.7 per cent in kerosene, mazut and diesel, respectively, to long agglomerate time for the price adjustment.
"If petrol price in Vietnam fluctuates daily as foreign exchange rates, people will see the recent surge in petrol price is not too high," the official elaborated.
He noted that Vietnam would have applied regular petrol price adjustments since five years ago in order to ease pressure from State budget.
Vietnam will adjust petroleum price in accordance with market mechanism and global oil price fluctuations in the coming time, Bao attributed.
The Vietnamese Ministry of Finance July 21 raised retail price of A92 gasoline to VND19,000 (US$1.15)/liter, up VND4,500 (US$0.27).
Together with the gasoline price soar, a liter of diesel 0.05S is sold at VND15,950 (US$0.96), up from VND13,950 (US$0.84) paraffin oil at VND20,000 (US$1.21), up from VND13,900 (US$0.84) and mazut at VND13,000 (US$0.78), up from VND9,500 (US$0.57).
Before adjusting petrol prices, the Vietnamese government had subsidized VND11 trillion (US$687.5 million) for domestic petroleum importers in the circumstance of ongoing global oil price soar in the first six months of this year. (Labor)
Vietnamese
