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Distributors attempting to raise petrol price by another VND1,000
Seven petrol importers and distributors are seeking permission from the Ministries of Finance and Industry and Trade to raise the retail price of petrol by 1,000 dong per litre.
The importers say that as the crude oil price in the world keeps rising sharply, if they do not raise the sale price, they will continue incurring the loss of 1,000 dong per litre.
Sources say that some importers have even proposed 1,200-1,500 dong per litre increases.
The importers asked in the document sent to the ministries for the price increases to become valid this week.
According to Petrolimex, which is now holding 60 percent of the market share, petrol and oil finished products’ prices have been hovering around $80 per barrel over the last week. With the import price, enterprises are incurring the loss of 1,500 dong per every litre of petrol sold and 1,000 dong per litre of diesel.
The ministries have confirmed the sharp increases of petrol and oil finished products’ prices and the losses being incurred by petrol distributors. However, they said that it is necessary to keep close watch over the oil prices for some more time. Under the current regulations, it is necessary to watch the world’s prices for 20 consecutive days, while the oil price has been increasing for 15 days only.
Under the current regulations, the retail price is calculated with reference to the crude oil price and finished products’ prices on the Singaporean market. Moreover, the fee has been set at 400-600 dong per litre, maximum profit at 300 dong per litre. Taxes, including VAT, import tariff and luxury tax are also taken into account.
The petrol price was adjusted recently, when the oil price jumped to $76 per barrel on August 8. At that time, the petrol price was raised by 500 dong per litre to 14,700 dong, mazut from 10,500 dong 11,500 dong. However, the kerosene price dropped by 600 dong to 13,150 dong.
Relevant ministries, in an effort to stabilise petrol prices, have allowed enterprises to delay making contributions to the petrol price stabililsation fund. The fund was established in March 2009 aiming to help ease the pressure of the oil price fluctuations on the domestic market.
VietNamNet, VNE
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