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Diesel price slashed by VND1,000/litre   2008-12-24 - Viet Nam Net

The Ministry of Finance’s Price Control Agency has approved the plan on slashing diesel price submitted by the Vietnam National Petroleum Corporation (Petrolimex), under which diesel price will decrease by another VND1,000/litre, effective today, December 24.


As such, the 0.05S diesel price will be sold at VND11,000/litre instead of VND12,000. No price decrease has been announced for petrol and other types of oil products.


This is the third consecutive price decrease announced so far in December. When asked about the possibility of petrol price decreases, representative from Petrolimex said that it is not very likely to see the petrol price decrease further as petrol is now imposed the highest tax rate at 40%.


The importers would incur the loss of several hundreds VND for every litre of diesel with the price decrease. The currently applied import tax rate for diesel is 25%.


The representative said that in order to support enterprises’ production, the State should consider lowering the tax on diesel, thus paving the way for diesel price decreases.


In the world’s market, the crude oil prices have been tumbling down to below $40/barel. The oil price in Singapore on December 23 reportedly dropped to below $40/barrel after increasing to $43/barrel in the previous trading session. There have been signs showing that the demand for oil will decrease due to the global economic recession.


The price of crude oil with February 2009 delivery at 8 am of December 23, Hanoi time, in New York saw another decrease of UScent25 (- 0.6%) to $39.66/barrel.

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