Vietnam Petrol Traders Keep Prices Unchanged Despite Global Fall

 Vietnamese petroleum traders have yet planned to cut the domestic retail prices following the falls in the global petrol prices, the Ministry of Industry and Trade said on July 13.

 

Local traders make profit of between VND800 and VND1,300 per liter, the MOIT said.

 

The traders, however, have hiked commissions to agents to VND500/liter from VND300/liter, it added.

 

A chief of a marketing office of a petrol trading company attributed the slow price adjustment to traders’ large volume of inventories which were imported with higher prices.

 

The Bloomberg news wire said on July 11 that the world crude oil fell to less than US$60 per barrel while the import petrol was priced at between US$66 and US$67 per barrel in the Singaporean market, down US$3 per barrel against the rate on July 1.

 

On July 1, the Vietnamese Ministries of Finance, and Industries and Trade decided to raise the petroleum retail prices by between VND500/liter and VND700/liter or 5 per cent in accordance with the increase in the imported prices of gasoline A92, diesel and marzut to US$74.98/barrel, US$76.79, and US$400.69/ton in the Singaporean market, respectively.

 

Currently, prices of gasoline A92 are offered at VND14,200/liter, gasoline A95 at 14,700/liter, kerosene at VND13,650/liter, mazut 3 S and mazut 3.5 S at VND10,500/liter, and diesel at VND12,100/liter. (Youth)