Ministry maintains petrol retail prices

Friday, Mar 07, 2014 10:00


HA NOI (Biz Hub) — The Ministry of Finance yesterday asked domestic fuel wholesalers to maintain the current retail prices of petrol, though they have incurred losses.

The ministry's calculations reveal that based on the global petrol prices, the retail prices of petroleum products are currently lower than the base price by VND173-VND519 per litre.

Companies have been asked to sell gasoline, kerosene, and diesel on a non-profit basis.

The move was aimed at stabilising the price of fuel, thus ensuring benefits for businesses and customers.

The ministry has also allowed wholesalers to use the money from the price stabilisation fund for compensating their losses. Specifically, the subsidy on petrol was increased to VND300 per litre, diesel was VND170 per litre, and kerosene was VND110 per litre.

The decision came into effect yesterday.

Petroleum violations punished

The Ministry of Industry and Trade's Market Management Department has punished violators in nine out of the 50 investigated cases related to the petroleum industry so far this year.

The total money collected from the violators added VND113 million to the State budget.

The ministry claimed that the imports of petrol and liquefied petroleum gas (LPG) in the first two months of this year saw a surge, both in terms of quantity and value, over the same period last year.

Petrol imports were estimated at 1.34 million tonnes amounting to US$1.26 billion, 37 per cent and 31 per cent year-on-year increases in terms of quantity and value respectively. LPG imports were estimated at 71,000 tonnes with total value of $77 million. — VNS

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