Ministry rejects oil firms’ demand for price hike

The Ministry of Finance yesterday rejected a demand to hike retail prices again by three petrol companies who said they were incurring losses following the cut they made last month.
PetroVietnam Oil Corporation, Saigon Petro Co, and Dong Thap Petroleum Trading Co Ltd had cut their prices August 26 by 500 dong a litre 20,800 dong.

The ministry added that measures would be taken to stabilise prices in case of global volatility.

Crude oil for October delivery on the New York Mercantile Exchange Wednesday settled at $88.91 a barrel, while in Singapore, Vietnam’s largest fuel supplier, A92 gasoline went up by $4 to $121.79 a barrel, a rate which local distributors said would give them losses.

The ministry ordered distributors to ensure adequate supply.

The ministry also kept the 300-dong surtax on a litre of gasoline for the fuel price stabilisation fund.

Tags: Vietnam oil and gas industry

Posted by VBN on Sep 17 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