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netvlz
Joined: 10 Apr 2012
Posts: 180
Wed Jun 06, 2012 9:35 pm |
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 Vietnam not to apply sharp petrol price cuts
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Despite the recent fall in the import price of petroleum products, price cuts will not be as sharp as price hikes, said the Ministry of Industry and Trade.
Petrol price cuts could not be as sharp as price hikes
Instead of cutting price, the government will raise import taxes to contribute more to the petroleum price stabilisation fund in the near future, the ministry noted.
Speaking at the ministry’s regular meeting for May, Deputy Director of the Department of Domestic Market, Nguyen Xuan Chien, said that petroleum price would be continuously regulated in accordance with Government Decree 84 in the time to come.
While admitting that the import prices of petroleum products had fallen in recent days, Chien claimed that it would be impossible to apply price cuts as sharply as price hikes.
He also said that the Ministries of Industry and Trade, and Finance will continue to work together to regulate petrol prices upon the government’s request.
Concerning the level of possible price cuts, the Ministry of Finance will make a decision based on the world market.
“Petrol price adjustments must ensure benefits to the government, traders and consumers,” he added.
Petroleum prices on the world market have been sharply falling in recent days. On June 4, crude oil prices in the US market decreased by 2.4% to USD81.21 per barrel, the lowest rate since October 6, 2011.
At the same time, Brent crude oil prices for July deliveries tumbled to the lowest rate since January 26, 2011, at USD95.63 per barrel.
In the Singaporean market, which supplies over 40% of petroleum for Vietnamese importers, the FOB price for 92 octane petrol fell to USD105.5 per barrel on June 3, the lowest rate since February 8, 2011.
On May 23, the Ministry of Finance decided to lower domestic retail prices of petroleum by between VND300 and VND600 per litre.
It also increased petroleum import taxes by 2% to 4% for petrol, by 1% to 3% for diesel, by 2% to 5% for kerosene and fuel oil.
However, market watchdogs said that domestic petrol prices may be further reduced in the near future as import prices over the past month have been VND900 per litre lower than the current retail prices.
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