Trading Firms to Be Allowed Adjusting Petrol Price

The pump price of petrol was reduced by VND1,000 a litre from September 12, Deputy Minister of Trade Phan The Rue said at a press briefing. A litre of A92 petrol now costs VND11,000. This is the first time in a year to date Vietnam cuts the retail price of petrol while raising it three times. The reason for the price fall is attributed to the drop of the global crude oil price to the three-month lowest level.

 

At present, the Government is still holding the full control over the selling price of petroleum products. According to Rue, the adjustment to the price of oil and petrol must satisfy the benefits of three sides: consumers, the State and oil trading companies.

 

At the press conference, Deputy Minister Rue announced that oil trading companies will be allowed to take initiative in adjusting petrol price in the coming time. A new gasoline trading mechanism is being drawn up and this will entitle enterprises to fix gasoline price in tune with market movements.
P.V