Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade LTCUSD, Bitcoin and Cryptocurrencies

BUY & SELL LTCUSD | View LTCUSD News & Updates


Buy Sell LTCUSD, Bitcoin and Cryptocurrencies

Tighter rules on petrol prices   2010-07-23 - Viet Nam News

The Finance Ministry has instructed fuel retailers to wait 30 days from their last price rise to raise the cost of petrol and oil.

Previously, they had to wait 10 days.

 
The instruction, embodied in Official Letter 8984/BTC-QLG, is intended to help curb inflation.

The ministry has also changed the use of its petrol price stabilisation fund so that retailers will now be eligible for compensation of from VND400 (US$0.02) to VND500 ($0.03) per litre of petrol and oil instead of the previous VND500.

Viet Nam Import Export Petroleum Corporation (Petrolimex) deputy general director Vuong Thai Dung said the longer wait between price rises would cause difficulties for enterprises.

"If world prices increase from 5-10 per cent, business will be difficult because a financial loss had not been factored into the yearly financial report," he said.

The world price for oil was now between $80-86 a barrel and the petrol and oil trading companies were losing VND200-300 a litre.

But his corporation had not yet raised the retail price of petrol and oil.

Prices fell on May 27 and June 8 so that the current domestic retail price for A92 petrol is VND15,990 per litre; VND14,400 per litre of diesel; VND14,700 per litre of kerosene and VND12,500 for oil.



Other news

BUSINESS IN BRIEF 23/7   2010-07-23

Vietnam still cannot take full advantage of FTA   2010-07-23

BP to sell Viet Nam assets to fund cleanup   2010-07-23

Baby formula prices soar, consumer protection amendment on horizon   2010-07-23

The big worry coming from foreign sourced farm produce   2010-07-23

$16 billion steel super-project investor clamors for preferences   2010-07-23

Steel prices track global rise   2010-07-23

VN-Index slumps on Fed news   2010-07-23

New decree aims to control shady real-estate practices   2010-07-23

‘Golden opportunity' for Vietnamese goods   2010-07-23

Trade deficit cited by foreign organisations as Vietnam’s biggest problem   2010-07-21

Domestic gold price remains high despite the world price falls   2010-07-21

Unusual price trends shape Vietnam market   2010-07-21

Avoiding “shower month”, businesses rush to begin projects   2010-07-21