3:26:35 PM | 7/8/2005
Petroleum Price Hikes
The Ministry of Finance has recently issued Decision 17/2005/QD-BTC on petroleum prices. Accordingly, the prices of different kinds of petroleum increased by VND500 per litre to VND8,000 for RON 92, VND7,800 RON 90, VND7,600 RON 83. There’s a 0.5 per cent increase in the price of Diesel from VND4,850 to 5,000 per litre and kerosene from VND4,800 to 4,900.
Since March 15, 2005, the world oil price continued to rise and according to OPEC forecast, the price of crude oil could be US$50-60 and even as high as US$70-80 per barrel. In February 2005, the Ministry of Finance has reduced the import petroleum taxes from 15 to 5 per cent and recently to 0 per cent. As a result, the State had to subsidise for the loss of VND4,870 billion in the first three months of 2005.
The new petroleum prices will affect the production cost of certain products from 0.06 to 8.38 per cent.
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