Ministry maintains fuel prices

The Ministry of Finance on Wednesday sent a document to domestic fuel wholesalers directing them to maintain the current retail prices of petrol as Tet (Lunar New Year) approaches.

The ministry's calculations show that the retail prices of petroleum products are currently lower than the base price by VND52-VND849 per litre.

Companies have been asked to sell gasoline and kerosene without making any profit, while the profit on diesel has been cut from VND300 per litre to VND250 per litre.

The move is aimed at stabilising the price of fuel, with the intention of preventing food price hikes before the Lunar New Year.

The ministry has also directed wholesalers to stop claiming money from the price stabilisation fund for selling diesel. Moreover, the subsidy on kerosene was slashed from VND890 per litre to VND520 per litre.

Local petroleum wholesalers said they are suffering losses amounting to VND605 per litre of fuel sold to consumers. In addition, they are losing VND52 and VND849 per litre of diesel and oil sold, respectively.

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