Vietnam Spends VND2T to Keep Petroleum Prices Stable

The Vietnamese Ministries of Finance and Industry and Trade said they have spent VND2 trillion ($105.263 million) to compensate for local petroleum traders to keep prices stable.

In order the support the traders, the Ministry of Finance has lowered petroleum import tariffs by between 3% and 5% since April 21.

Earlier, the Ministry of Finance intended to extract one third of the VND1.5 trillion petroleum price stabilization fund for the compensation but prices in the world petroleum market rose faster than the estimates.

The ministry said prices in the domestic market has not yet been lowered amid the cool in world crude oil prices for a month because the imported petroleum prices in the Singaporean market are still high, fluctuating at $96/barrel.

Due to high imported prices, the state-owned Vietnam National Petroleum Corp (Petrolimex), the country’s biggest petroleum trader, said it is losing VND1,347/liter of gasoline A92, VND1,686/liter of diesel 0.05S, VND1,703/liter of kerosene and VND689/liter of fuel oil 3.5S.

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 petrol, Vietnam Petrol prices, Vietnam Petroleum