Two Vietnam Petroleum Traders Propose Price Cut on Global Fall
Two Vietnamese petroleum trading companies have proposed to the Ministries of Finance, and Industry and Trade lower retail prices of petroleum products.
Information about names of the companies and the volume of price cut has not yet been made available.
The most suitable price cut should be VND500 per liter of gasoline and kerosene and VND400 per liter of diesel oil, some traders said, adding that long-term big profit of petroleum trading may lead to market chaos.
The ministries have not yet made any final decision while other traders are still waiting for move by the state-owned Vietnam Petroleum Corp. (Petrolimex), the country’s biggest petroleum distributor.
The gasoline A92 price in the Singaporean market fell to US$66.6/barrel and diesel to US$70.
Vietnamese traders are making profit of nearly VND1,000/liter, Petrolimex General Director Bui Ngoc Bao said recently.
Currently, a liter of gasoline is sold at VND15,700, diesel at VND13,100, kerosene VND14,000 and fuel oil VND11,800. (Youth)
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