Petrolimex denies putting pressure

Vietnam National Petroleum Corporation (Petrolimex) insists that it has put no pressure on the Ministry of Finance to adjust the price of fuel this year.
The ministry has made a number of changes in the price of fuel in 2011 and a source from the ministry claims Petrolimex is lying.

“Since the beginning of the year, Petrolimex hasn’t proposed increasing or cutting the fuel price despite the current huge gap between local and world prices reaching up to $40 a barrel,” Tran Minh Hai, a representative of Petrolimex said in a statement.

Hai stressed that his company had strictly adhered to the instructions from the Minis try of Finance and Ministry of Industry and Trade.

However, a source from the Ministry of Finance told the Daily that this year the ministry has received four separate petitions from Petrolimex for raising the fuel retail price or hiking the proportion of money from the price stabilisation fund.

The first document was sent to the ministry on February 16, suggesting increasing the retail price of gasoline by 17 percent-24 percent.

The ministry later decided to increase the price by 2,900 dong to 19,300 dong from 16,400 dongper litre for gasoline and by 3,550 dong to 18,300 dong from 14,750 dong per litre for diesel.

After that, the ministry received three other proposals on March 24, April 26 and May 31 from the company and also adjusted the prices accordingly.
The Ministry of Finance asserted that its management and decisions are based on reality, including suggestions for price hikes from fuel traders.
Saigon Times Daily

Tags: Petrolimex

Posted by VBN on Oct 8 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