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Fuel cost structure not clear: Analysts
The Vietnam National Petroleum Corp (Petrolimex) has begun to list the components that make up its retail oil prices but analysts say it is of no use to the common man since it lacks clarity.
The information it puts on its website needs to be more comprehensive, Nguoi Lao Dong newspaper quoted economist Le Dang Doanh as saying.
He gave the example of its costs and profits, set at VND600 (32 cents) and VND300 a liter, saying they mean nothing unless they can be compared with competitors’ numbers.
Some south-based importers opined that a reasonable rate of profit is VND200.
The Petrolimex website lists the cost, including CIF (Cost, insurance and freight), of import from Singapore to Ho Chi Minh City is VND10,672 (57 US cents) a liter.
But another importer, who asked to remain unnamed, said his import cost is only VND10,398.
Petrolimex has yet to list the individual CIF elements but its cost price is VND302 higher than that of other importers.
Other analysts expressed concern over the high tax and other costs that account for 40 percent of the fuel prices. Customers now pay around VND6,800 at the pump for these costs.
Doanh called for inspections to eliminate unnecessary costs.
He also said other importers too should publicize this information so that consumers can make comparisons with Petrolimex’s cost structure.
Since it is the country’s largest fuel distributor with a 70 percent market share, if Petrolimex cuts prices, it would benefit the whole economy, he said. There are 11 fuel importers in Vietnam.
But a worrying issue is that Petrolimex incurs a loss of VND526 dong on every liter of A92 petrol.
It makes losses of 4.9, 4.3, and 4.1 percent on gasoline, diesel, and kerosene.
Under a 2009 decree on oil products, retailers have the right to increase pump prices based on global market movements.
They can do so now but the Ministry of Finance last week urged them to delay the next price hike until the end of June to help curb inflation.
If the delay affects importers’ finances, they should report to the Ministry of Finance and Ministry of Industry and Trade for them to take other measures to stabilize prices, the government website said.
Gasoline prices have been put up five times since October 2009, with the latest hike of VND590 coming on February 21.
Quoc Thoai
vietnews
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