The Vietnamese Ministry of Finance has recently requested local petroleum traders not to raise the domestic prices for presence to stabilize the domestic market and curb inflation, the government of Vietnam said on March 22.
The traders must slacken price increases and apply timely price cuts corresponding to the global falls, the MOF said, adding they can make proposals for government’s support when they make losses.
The MOF’s move followed the complaint by the state-owned Vietnam National Petroleum Corp. (Petrolimex), the country’s biggest petroleum trader, that it loses VND935/liter of gasoline, VND733/liter of diesel 0.05S, VND726/liter of kerosene and VND350/ton of fuel oil 3.5S.
The imported prices of petroleum products in the Singaporean market have risen to US$89.85/barrel of gasoline A92, US$89.29/barrel of diesel 0.05S, US$88.71/barrel of kerosene and US$466.34/ton of fuel oil 3.5S on Mar. 19, Petrolimex said.
The government of Vietnam has allowed petroleum traders to float the domestic prices since last Dec. 15.
Petrolimex has raised its petroleum prices twice since the beginning of this year in addition to an oil price cut. The latest increase happened on Feb. 21.
The firm is the biggest among 11 petroleum wholesalers in Vietnam, having 1,900 out of over 10,000 refilling stations nationwide and holding 60% of domestic market share.
Currently, a liter of gasoline A92 is sold at VND16,990, gasoline A95 at VND17,490, diesel 0.25S VND14,550, diesel 0.05S VND14,600 and kerosene VND15,000, Meanwhile, prices of fuel oil 3S is VND13,300/kg and fuel oil 3.5S VND13,000/kg. (chinhphu.vn, Petrolimex)
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