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Ministry maintains current fuel prices
The Ministry of Finance (MoF) on Jun 09 decided to maintain the retail prices for oil and petrol, and ordered increased contributions to the Price Stabilisation Fund in a move to mitigate unpredictable changes on the global fuel market.
Beginning today, fuel trading companies will have to reserve VND100 per each litre of petrol sold to contribute to the fund. Contributions from the sale of oil products will remain unchanged.
Today the ministry will resume a 5-per-cent import tax on kerosene and diesel oil from the current tax of zero.
"A renewal of the import tax on kerosene and diesel was reasonable as global oil prices had decreased in the previous few months," said a senior MoF official, adding that domestic fuel retailers currently earned at least VND700 per litre of oil and VND100-200 per litre of petrol sold.
The decision was made several days after the Price Management Department proposed a retail price adjustment on petrol and oil for the purpose of balancing benefits among gasoline firms, the State and consumers as the domestic firms were currently earning a profit.
The prices of oil and petrol rose by nearly 35 per cent in February and March, attributing to the higher prices in recent months.
Retail prices currently remain unchanged at VND21,300 (US$1.03) per litre for petrol, VND21,100 per litre for diesel, VND20,800 per litre for kerosene and VND16,800 per litre for fuel oil, after a VND2,000-2,800 increase per litre on March 29.
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