Petrol retailers started cutting prices by VND500 per litre after the Finance Ministry’s director of the Price Managing Department, . . .
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According to the document, the State will share any losses with businesses by continuing to provide a VND200 per litre subsidy through the petrol price stabilisation fund.
Oil prices have remained stable, but current world prices for imported retail goods remained relatively high.
As of yesterday evening, A92 gasoline cost VND16,490 instead of the previous price of VND16,990. Diesel oil is now priced at VND14,600 per litre, kerosene VND15,000 a litre, while Mazut will cost VND13,000 per litre.
The Finance Ministry’s decision was conducted against the backdrop of falling petroleum product prices traded in Singapore over the last 20 days.
During the Wednesday session on the Singapore market, the price of A92 petrol closed at $85.1 a barrel. Oil was being traded at $90-$91 a barrel.
According to the Viet Nam National Petroleum Corporation, with such import prices, after deducting expenses, taxes, profit limits, a litre of petrol is providing a profit to domestic importers of VND300.
VietNamNet/Viet Nam News
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