Fuel retailers raise petrol prices

Wednesday, Mar 19, 2014 17:03

Domestic petrol retailers yesterday raised prices by VND180 per litre after getting the approval from the relevant ministries.— Photo nld

HA NOI (Biz Hub) — Domestic petrol retailers on March 19 raised prices by VND180 per litre after getting the approval from the relevant ministries.

Accordingly, as of mid-yesterday, all petrol stations of Petrolimex, PV Oil and Mipec nationwide marked their prices of RON 95 and RON 92 at VND25,190 and VND24,690 (US$1.17) per litre respectively.

The price of diesel was also increased by VND70 per litre to touch VND22,840.

However, the price of gasoline remained unchanged at VND22,630 per litre, while the price of mazut was adjusted down by VND120 per litre and now ranges betweenVND18,490 and 18,890 depending on the kind of fuel.

According to the ministries of Finance, Industry and Trade, the prices of petrol products, excluding mazut, in the world market have remained high in the past month. They estimated that the average price in the past 30 days in the world market was between VND71 and VND654 per litre higher than the domestic retail price. Domestic petrol retailers therefore suffered a loss of nearly VND500 per litre.

The mazut price in the global market was VND113 lower than the domestic price, the ministries estimated.

To balance the benefits for the domestic petrol retailers and the consumers, the retailers were allowed to increase their prices, the ministries said.

The finance ministry also asked petrol retailers to get VND300 per litre from the Petroleum Price Stabilisation Fund to offset their losses. The retailers would not get money from the fund for gasoline and diesel, it said.

It is the second petrol price hike this year after the adjustment of VND300 per litre on February 21.

The price of one litre of RON 92 is currently lower than the record high of VND25,070 per litre that it reached on July 17, 2013. — VNS

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