Petrol wholesalers asked to report import price of oil and gas

The Vietnamese Ministry of Finance (MoF) on September 14, 2011 sent documents asking petrol wholesalers to report on petrol business situation to have more bases for assessing, considering and building the operation mechanism in the upcoming time.
The ministry required these firms to report on import activities of oil and gas from January 1, 2011 to September 12, 2011 in terms of petroleum products, amount of imported petroleum, import prices and forex rate at the time of import. The report will be broken into two phase from January 1, 2011 to August 25, 2011 and from August 26, 2011 to September 12, 2011.

At the same time, firms report the production and business results, including details on the trading results of gasoline in the first six months in 2011, business plans in Q3 and the whole year 2011, the deduction and use of fuel price stabilisation fund in two aforementioned stages together with problems, difficulties and recommendations for the management of the fund.

MoF asked petroleum wholesalers to submit report before September 20, 2011.

From early this year so far, the gasoline price has experienced three adjustments. In the adjustment on February 24, the gasoline price increased by 2,110-3,550 dong per litre (kilogram), on March 29, the price was adjusted up by 2,000-2,800 dong per litre (kilogram) and on August 26, the petrol price was adjusted down 300-500 dong per litre.

The deduction of the fuel price stabilisation fund has been also adjusted three times.

From early this year to June 9, the deduction was 300 dong per litre (kilogram), from June 10 to August 26, the deduction was 400 dong/litre of gasoline and 300 dong/litre (kilogram) for remaining items and from August 26 so far, the deduction was 300 dong/litre (kilogram).

On September 14, the ministry also sent documents proposing Vietnamese commercial affairs in China, Laos and Cambodia to provide some information about business situation of petroleum in these countries as bases for management and operation of this item in the domestic market.

According to the general Department of Vietnam Customs, in the first eight months of this year, Vietnam imported 7.4 million tonnes of oil and gas, valued at $6.7 billion, rising 3 percent in volume and up to 50 percent in value from the same period last year.

(US$1 = 20,830.00 dong)

Tags: Vietnam oil and gas industry

Posted by VBN on Sep 19 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