Thu Nguyet
Petrol prices drop to the levels of early this year - Photo: Uyen Vien
In addition to the petrol price cuts, Vietnam National Petroleum Group (Petrolimex), which holds a lion’s share of the fuel market, announced the respective prices of diesel, kerosene and heavy fuel oil are down by VND80 per liter, VND70 per liter and VND60 per kilogram to VND22,090, VND22,250 and VND18,380.
Petrolimex decided to lower fuel retail prices after the ministries of finance and industry-trade issued a joint statement demanding fuel wholesalers to stop using the fuel price stabilization fund and adjust their fuel retail prices in response to falling global prices.
Therefore, apart from the price falls, fuel trading firms are not allowed to get any money from the national fuel price stabilization fund, instead of the previous VND300 for each liter of petrol sold.
On August 18′s petrol price reductions were the strongest since early this year and the third time petrol prices were revised down after two previous cuts on July 28 and August 7, and five increases this year.
According to the Vietnam Petroleum Association (Vinpa), the base price of RON 92 petrol slid to VND24,345 per liter on August 15, VND650 per liter lower than on August 7 after the 30-day average price on global markets went down by US$3 to US$112.7 per barrel from August 7.
As of August 15, local fuel enterprises posted profit of VND765 for every liter of RON 92 petrol they sold at VND24,810 per liter plus VND300 per liter they got from the fuel price stabilization fund.
An updated financial report of Petrolimex showed pre-tax profit from fuel trading of the parent company and its 42 wholly-owned subsidiaries on the domestic market reached VND259.8 billion in the first six months of the year.
Đăng ký: VietNam News
