Retail petrol prices down by additional VND1,000/litre

The Ministry of Industry and Trade and the Ministry of Finance have jointly decided to lower retail oil and petrol prices by an additional VND1,000/litre as from August 27.

Accordingly, lead-free petrol A92 now costs VND17,000/litre while kerosene is priced at VND1,800/litre.

With the new price levels, oil and petrol businesses earn a profit of VND2,100/litre and VND2,000/litre respectively and the profit will be used to incur losses they have faced in the past eight months, said the two ministries at a press briefing in Hanoi on August 27.

The two ministries also said that if global oil prices continue to fall, domestic oil and petrol prices will be lowered further and the Government will consider raising oil and petrol import taxes to 5 percent from zero percent at present. In case global oil prices go up again, businesses will be allowed to increase prices to ensure their business operation.

However, mazut and diesel prices remain unchanged as they are still lower than the global levels.

Domestic petrol prices were cut by VND1,000/litre on August 14 after being raised by 30 percent to VND19,000/litre in late July.

Currently, global oil prices are hovering at around US$115/barrel.

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