Vietnam Keeps Petroleum Prices Unchanged, Stops Using Stabilization Fund

The Vietnamese Ministry of Finance has requested petroleum traders to keep prices unchanged despite the recent petroleum price drop in the world market, the government of Vietnam said.

The ministry requested stop using the petroleum price stabilization fund to raise the fund’s balance, which can be used to stabilize the domestic market upon the rise in the world market in the next months.

Vietnam has collected a total of VND2 trillion (US$105.263 million) for the petroleum price stabilization fund and has used around VND800 billion to stabilize the prices of petroleum products.

The state-owned Vietnam National Petroleum Corp (Petrolimex), the national biggest petroleum trader estimates its profit at VND194/liter of gasoline A92 as the imported price in the Singaporean market fell US$15.72/barrel to only US$79.08/barrel on May 20 compared to 15 days ago.

Earlier, Vietnamese petroleum traders were asked to slacken petroleum price hikes to a minimum of 30 days through end-June and timely apply price cuts corresponding to the global falls.

Currently, a liter of gasoline A92 is sold at VND16,990, gasoline A95 at VND17,490, diesel 0.25S VND14,550, diesel 0.05S VND14,600 and kerosene VND15,000. Meanwhile, prices of fuel oil 3S is VND13,300/kg and fuel oil 3.5S VND13,000/kg.

Tags: Vietnam oil prices, Vietnam petrol, Vietnam Petrol prices