Domestic retail petrol prices rise VND2,900/l at 10 AM today

Domestic retail prices of petrol will rise by VND2,900/liter from 10 a.m today

Domestic retail prices of petrol will rise by VND2,900/liter to VND19.300/liter from 10 a.m today, the Ministry of Finance(MoF) said.

The prices of diesel will rise by VND3,550/liter to VND18,300/liter, kerosene increasing by VND15,100/liter to VND18,200/liter and mazut rising VND2,110/liter to VND14,800/liter.

The petrol prices rise comes out as the domestic fuel traders are selling at loss of VND3,000 per liter of petrol and VND3,500 per liter of diesel. Meanwhile, on February 22, the state-owned Vietnam National Petroleum Corporation (Petrolimex), the national biggest petroleum trader quoted the average prices at a high level of A92 petrol at $106.3/barrel, diesel at $115.3/barrel, mazut at $583.12/ton and kerosene at $116.4/barrel.

Ealier, MoF cut the tax import on fuel to 0% to reduce the pressure on state budget as the country is taking measures to curb inflation.

Vietnam has spent VND11,000 billion to stabilize the domestic fuel prices including VND7,500 billion for tax cut and VND3,500 billion from fuel stabilization funds, Nguyen Tien Thoa, the Ministry of Finance’s Head of Price Control Department said. – Stoxplus.com

Tags: Vietnam petrol, Vietnam Petrol prices