The Ministry of Finance has established three inspection teams to look into the pricing management of four major fuel wholesalers. The inspectors will inspect the pricing of fuel imported by Petrolimex, PetroVietnam Oil, Saigon Petro Co. and Dong Thap Petroleum Trading Co. Ltd., other expenses affecting their operation, as well as their use of the [...]
Vietnam’s Ministry of Finance asked local fuel retailers not to adjust prices of petroleum products and to ensure the balance of supply and demand, the government said in a statement on its website. Companies including PV Oil Co., Vietnam’s state-owned oil marketing company, had submitted proposals for a price hike, according to the statement. Bloomberg
Starting from Octorber 21, domestic merchants providing petrol to manufacturers at open economic and cross-border industrial zones will be subject to temporary import and re-export laws, according to the Ministry of Finance (MoF). As part of the new policies, fuel-trading activities between licensed traders and producers will be required to operate in accordance with General [...]
Prime Minister Nguyen Tan Dung has proposed that PetroVietnam and Vietsovpetro expand their exploration to increase oil and gas reserves, to ensure energy security, promote exports and increase State budget income. PM Dung made the proposal at the celebration of the 30 th anniversary of the agreement signing between Viet Nam and the former Soviet [...]
The Government will cover an estimated loss of VND1.22 trillion incurred by Vietnam National Petroleum Corporation, or Petrolimex, as compensation for its joining the country’s price stabilization program, the company’s top executive said. Bui Ngoc Bao, chairman and CEO of the company, told investors in a road show on its initial public offering (IPO) in [...]
The domestic market price of petrol and gas is set to operate under market mechanisms from the fourth quarter of this year, according to Bui Ngoc Bao, chairman and CEO of the Viet Nam National Petroleum Corporation (Petrolimex). As part of Resolution 11, the Prime Minister had confirmed that the price of coal, petrol and [...]
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