Vietnam Requests Petroleum Traders to Cut Prices by VND500/Liter Jun 8

The Vietnamese Ministry of Finance has requested petroleum traders again to lower the domestic retail prices by between VND200 and VND500/liter from 10:00pm June 8 in line with the price fall in the world market.

 

As a result, prices of gasoline A92 and A95 were cut by VND500/liter or 3.03% to VND15,990/liter, diesel by VND200/liter or 1.37% to VND14,350/liter, kerosene by VND300/liter or 2% to VND14,700/liter and fuel oil by VND500/liter or 3.85% to VND12,500/liter.

 

The government has also demanded a halt on using the petroleum price stabilization fund to compensate for traders of gasoline, diesel and kerosene from today [June 9], the Ministry of Finance said on its website late Tuesday.

 

This is the second price reduction in the Vietnamese petroleum market since early this year in the wake of the price fall in the Singaporean market to US$77.19/barrel of gasoline A92 and over US$82/barrel of kerosene and diesel on June 7. The first price cut happened on May 27, which was only applied to gasoline.

 

Though the state-owned Vietnam National Petroleum Corp (Petrolimex), the national biggest petroleum trader, calculated on June 7 that it was making profits of VND223/liter of gasoline A92, VND36/liter of diesel 0.05S, VND16/liter of kerosene and VND600/kg of fuel oil 3.5S; it did not decided to lower the domestic prices by itself but was silent to continue receive compensation of VND200/liter for gasoline and of VND400/liter of oil products. (mof.gov.vn)