Fuel prices should have been hiked higher: ministry

Fuel prices should have been raised much higher, the Ministry of Finance said in a statement after a major hike Thursday.

Vietnam yesterday lifted up gasoline prices by VND2,900 (14 cents) to VND19,300 per liter, diesel oil prices by VND3,550 to VND18,300 per liter, kerosene prices by VND3,100 to VND18,200 per liter, and mazut prices by VND2,110 to VND14,800 per kilogram.

The Ministry claimed that if it had not used tools like tax cuts worth VND10.089 trillion or a fuel price stabilization fund having disbursed VND6.396 trillion, gasoline prices would have been increased to VND6,493 per liter, diesel prices to VND6,260 per liter, kerosene prices to VND6,692 per liter, and mazut prices to VND4,334 per kilogram.

A liter of gasoline in Vietnam is now VND5,100 cheaper than in Laos, VND4,200 cheaper than in Cambodia, and VND3,200 cheaper than in China, it added.

The Ministry affirmed domestic prices will be adjusted commensurately with global prices from the second quarter forwards.

Tags: Vietnam fuel prices

Posted by VBN on Mar 2 2011. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry