3:31:08 PM | 22/10/2007
Vietnamese authorities have not yet made any decisions on gasoline pumping price hike so as to prevent high rate of inflation despite soaring increase of oil price in the global market in the recent days, Vietnam News Agency October 18 quoted a financial official as saying.
Nguyen Tien Thoa, head of the Price Managing Department under the Ministry of Finance said that relevant authorities are still keeping a close eye on the increase of global oil price but have not taken any move for domestic market.
As of October 18, the Ministry of Finance had not yet received any official proposal of petrol price rise from local gasoline traders, added Thoa.
A representative from a petrol trading firm said that his company is averagely losing between VND400 and VND500 per liter of gasoline amid current global oil price rise. In the past three days, the firm made loss of around VND900 per liter due to world oil price rocket, he said.
For A92 gasoline and diesel, they are losing VND1,500 and VND3,400 per liter with selling prices of VND11,300 and VND8,700 per liter, respectively, a representative said.
Traders make loss of between VND10 billion and VND15 billion per every 10,000-ton batch, he said, elaborating that local market consumes around one or 1.5 million liters of petrol per day.
Global oil price for delivery in New York October 18 climbed US$89 per barrel from US$88 one day earlier, the Nhan Dan (People) said in its website.
However, Ministries of Industry and Trade, and Finance affirmed no gasoline price hike for present while seeking ways to compensate for petrol traders’ losses.
The Ministry of Industry and Trade said Vietnam will need 13.3 million metric tons of petroleum products to meet its energy demand in 2007, up over 20 per cent on year, including 4 million tons of petrol.
Vietnam was estimated to have imported 9.2 million metric tons of petroleum products valued at US$5.11 billion from January to September, up 8 per cent on-year in volume term and 9.4 per cent in value term, the General Statistics Office (GSO) said. (Labor, VNA)
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