Petrol stations told to halt price rises

The Ministry of Finance's Price Management Department on November 12 afternoon ordered petrol trading enterprises not to increase retail prices for petroleum products.

Under the requirement, key petrol importers are permitted to draw more money from the petrol price stabilisation fund to compensate for their losses.

From midnight yesterday, petrol trading companies were allowed to deduct funds of VND1,200 per litre for petrol products, instead of the current VND550, and VND1,000 for diesel, up from VND450. Deductions for kerosene rose by VND500 to VND1,200 per litre and mazut oil saw an additional deduction of VND450 to VND700 .

The order was made as global fuel prices continue to rise sharply to US$94.02 for a barrel of A92 petrol, $101.95 for diesel and $102.39 per barrel for kerosene.

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