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The Viet Nam National Petroleum Group (Petrolimex) reduced the petroleum RON 92 price by VND330 a litre to VND25,310 per litre, starting 2 pm on July 28. — Photo ndh.vn
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HA NOI (Biz Hub) — The Viet Nam National Petroleum Group (Petrolimex) reduced the petroleum RON 92 price by VND330 a litre to VND25,310 per litre, starting 2 pm on July 28.
This is the first time that the retail price of petrol has been reduced this year after five continuous increases. However, the decrease was modest as compared to the total increase of VND1,450.
The diesel selling price was lower by VND350 to VND22,330 per litre, becoming the second reduction within 10 days.
The price of kerosene was also reduced by VND350 per litre to VND22,460 while that of mazut remained unchanged at VND18,810 per kilo.
The ministries of Industry and Trade and Finance, earlier on the same day, released a joint statement asking fuel wholesalers to reduce retail prices of oil.
According to calculations by the two ministries, the petrol base price was lower than the selling price of VND275 per litre. However, in the context of decreasing prices in the world market with complicated changes, the ministries allowed fuel traders to use the stabilisation fund of VND600 per litre together with the decrease.
It also said that selling prices of diesel and kerosene were VND346 per litre higher than the base price while mazut was VND26 per kilo lower.
In addition, the stabilisation fund would not be used for mazut.
Statistics from the Viet Nam Petroleum Association yesterday showed that fuel prices in the Singapore market – from where Viet Nam sources most of its fuel, had reduced significantly.
On Thursday, the price of petrol A92 was US$115.6 a barrel, diesel was $118.5 a barrel, kerosene $118.81 a barrel while mazut was $597.87 per tonne.
The association said that after using the stabilisation fund, all items showed a profit.
On July 18, the two ministries asked fuel wholesalers to reduce retail prices of oil by VND136-174 (6-8 US cents) a litre while not increasing petrol prices.
Under the Government's Decree 84/2009/ND-CP traders can adjust petrol prices up to 7 per cent in line with world prices. — VNS