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NEWS UPDATES 24 March 2010

Vietnam: Petrol retailers asked to freeze prices

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Vietnam’s Ministry of Finance has ordered petrol retailers not to increase petrol and oil prices over the next few days, reported Vietnam News.

In Official Letter 3500/BTC-QLG, the ministry called on retailers to closely monitor movements in world petrol and oil prices, while continuing to cut transport costs. The ministry also asked retailers to ensure there was enough petrol and oil for domestic consumption.

If retailers wish to raise petrol and oil prices, the ministry said they must first get official approval from the ministries of Finance and Industry and Trade.

Dealers must also reduce domestic retail prices if world oil and petrol prices fall, the ministry said.

The ministry's letter was issued after oil and petrol retailers intimated that they wanted to increase prices to cut losses because world oil and petrol prices had risen.

According to the website of Petrolimex, a major petrol and oil distributor on the domestic market, yesterday it lost 1,000 dong per litre of petrol, 789 dong per litre of diesel oil, 780 dong per litre of kerosene and 354 dong per litre of fuel oil (1$=19070 dong).

On Tuesday, a barrel of petrol on the world market cost $87.97, while the price of a barrel of diesel oil was $87.49. A barrel of kerosene (1 barrel equals 159 litres), meanwhile, cost $86.74, while a tonne of fuel oil cost $471.64.

The public can calculate petrol and oil retail prices on Petrolimex's website, which follows Decree No 84/ND-CP on trading petrol and oil issued last December.

The website carries details about import prices, taxes, fees, commission for agents and costs for ports, warehouses and tanks.


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