Vietnam says no to cut fuel prices, raises fuel stabilization fund instead

The Ministry of Finance (MoF) announced that Vietnam fuel firms have to keep the retail prices unchanged and raise fuel stabilization fund by VND100 per liter of petrol

The Ministry of Finance (MoF) announced that Vietnam fuel firms have to keep the retail prices unchanged and raise fuel stabilization fund by VND100 per liter of petrol, effective from June 10. Also, the diesel and kerosene are taxed by 5% each from 0%, the online newspaper VnExpress reported on June 9, citing the MoF.

The decision came out as domestic gasoline retailers currently gain roughly VND700 per liter of oil and VND100 per liter of petrol, the MoF official said.

Meanwhile, the tax on fuel prices lowered to 0% after the prices hiked twice in February and March with a total increase up to 35% that the state budget collection declined by VND20,136 billion from the beginning of this year and VND10,047 billion from the first fuel prices hike this year, the state-run Vietnam News Agency reported on June 10,citing the MoF.

The prices of diesel are selling at VND21,100/liter, kerosene at VND20,800/liter and mazut at VND16,800/liter, petrol at VND21,300/liter. – Stoxplus.com

Tags: Vietnam fuel prices

Posted by VBN on Jun 10 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