Local oil prices cut following global drop

tohang

The ministries of Industry and Trade and Finance released a joint statement yesterday asking fuel wholesalers to reduce retail prices of oil by VND136-174 (6-8 US cents) a litre starting from 5pm yesterday.

Petrol prices were increased in Viet Nam on July 7 but, since then, the global price has declined slightly. — Photo itn

HA NOI (Biz Hub) — The ministries of Industry and Trade and Finance released a joint statement yesterday asking fuel wholesalers to reduce retail prices of oil by VND136-174 (6-8 US cents) a litre starting from 5pm yesterday.

Petrol prices were increased in Viet Nam on July 7 but, since then, the global price has declined slightly.

The ministries told traders not to increase petrol prices because, by using the price stabilisation fund they could mitigate any losses.

The retail price of petrol remains at VND25,640 ($1.22) per litre.

Under Government's Decree 84/2009/ND-CP traders can adjust petrol prices up to 7 per cent in line with world prices.

According to the two ministries, prices for diesel oil and kerosene have risen on world markets.

Therefore, they were told to cut prices by VND136-174 per litre. — VNS



  • Share:

see also

UKs carbon tax to affect VN exports

UK’s carbon tax to affect VN exports

The UK''s carbon border adjustment mechanism will take effect in 2027.
Việt Nam expects to officially export passion fruit to the US next year

Việt Nam expects to officially export passion fruit to the US next year

Negotiations on technical issues were already completed in August. Now, legal procedures are underway for the official export of fresh passion fruit to the US.
VN faced with increasing trade defence investigations on rising protectionism

VN faced with increasing trade defence investigations on rising protectionism

Việt Nam’s exporters faced a significant increase in the number of trade defence investigation cases this year, on the back of rising protectionism worldwide, according to the Ministry of Industry and Trade.
Experts point out economic growth drivers, challenges for next year

Experts point out economic growth drivers, challenges for next year

Several growth drivers are in place to help Việt Nam achieve its GDP growth rate goal of 6.5-7 per cent next year, but rapid and strong international fluctuations remain challenges to watch out for.
Thái Nguyên supports businesses to take advantage of UKVFTA to expand exports to UK

Thái Nguyên supports businesses to take advantage of UKVFTA to expand exports to UK

The northern province of Thái Nguyên has implemented many policies to support local businesses in maximising the potential benefits of the UKVFTA, opening up multiple opportunities for exports to the UK.