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Petrol price unexpectedly rose by VND500/litre   2009-04-02 - VietNamNet

The Ministry of Finance has said it has accepted the proposal by petrol distributors to raise the petrol price by VND500/litre, effective as of April 2.


The decision was made after the Military Petroleum Company, Vietnam National Petroleum Corporation (Petrolimex) and Mekong Oil and Gas Joint Stock Company registered the new petrol price, which is VND500/litre higher than the previously applied price.


As such, the A92 petrol price has been raised from VND11,000 to VND11,500/litre.


Petrol distributors will decide the suitable time for applying the new prices, within April 2, 2009.


Meanwhile, the Ministry of Finance said that the prices of oil products will be kept unchanged.


Explaining the unexpected decision, the ministry said that recently, the oil and petrol prices have been increasing in the world’s market. Currently A92 petrol is selling at $59.54/barrel in the world, while 0.05S diesel has climbed to $63-64/barrel, kerosene $62.63/barrel, and mazut $272/tonne.


With such import prices, distributors are incurring a loss of VND1,000/litre for A92 petrol sale, and VND500/litre for diesel.


The decision about raising petrol price proves to be unexpected to everyone. Deputy Minister of Industry and Trade Nguyen Cam Tu, stressed yesterday, April 1 that the oil and petrol prices would not be raised at the moment, despite the price increases in the world’s market. Tu, denying the rumor about the possible petrol price increases, said that the prices need to be stabilized in order to ease the burden on businesses.


Tu said that the Government and ministries know very well that petrol distributors are incurring losses with petrol sales, but his ministry has been insisting on the stable petrol prices in the context of the Government making every effort to fight the economic downturn.


Prior to that, the Ministries of Finance and Industry and Trade lowered the import tax on petrol three times, mazut. Since the beginning of the year, petrol importers have adjusted the retail prices four times.

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