Vietnam: Petrol Traders Proposes Gasoline A92 Price Hike of VND1,000/Liter

Three Vietnamese petroleum wholesalers have recently asked for approval from the government to raise the domestic gasoline A92 price between VND500/liter and VND1,000/liter upon the rising price of gasoline in the global market.

 

The traders are the state-owned Vietnam National Petroleum Corp. (Petrolimex), PetroVietnam Oil Corp. (PV Oil) and the Military Petroleum Company.

 

They have also proposed cutting the retail prices of kerosene by VND500/liter in line with the falling price in the world market.

 

The traders said that they are losing VND1,000/liter on gasoline as the imported petrol price on the Singaporean market has climbed to nearly US$75/barrel for 30 days and the crude oil price for August delivery on the New York market rose 0.21 U.S. cents to the highest price in seven consecutive weeks at US$71.37/barrel.

 

The ministries are keeping a close watch on the price fluctuations before giving the final decision.

 

Recently, the Ministry of Finance proposed three options for petrol price management, which are still under consideration.

 

Vietnam now has 11 petrol wholesalers who now apply the same retail prices, even though they are allowed to adjust the prices by themselves.

 

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