The Ministries of Industry and Trade and Finance this morning announced another VND1,000/litre price decrease for A92 petrol to VND17,000/litre. The ceiling price of VND18,000/litre has been set for kerosene.
Distributors will determine the prices of other petrol and oil products. According to the ministries, with the lately announced price decreases, petrol distributors will earn the profit of VND2,000 per litre.
The VND1,000/litre price decrease was made as the ministries thought that the price should be fixed at a level which allows petrol distributors to get profit big enough to offset the losses they have been incurring for most of this year.
If the world’s oil price increases in the time to come, enterprises will have the right to raise sale prices in order to ensure profit after registering the price increases with state management agencies.
On August 14, the Ministry of Finance released a decision to cut the retail price of petrol by VND1,000/litre to VND18,000/litre. The oil price in the world has been decreasing continuously recently.
It is now hovering around $115/barrel. Analysts say that the average price of A92 petrol in August has decreased by 15% compared to that of July, while kerosene by 16%, 0.25S DO by 19%, and mazut 9%.
According to Petrolimex, the biggest petrol distributor in Vietnam, the petrol and oil volume sold in the first 15 days of August saw a sharp decrease compared to July.
The corporation sold 200,000 cu m tonnes in that period, a decrease of 30% compared to the same period of July. The volume of petrol sold represents a decrease of 20-30%, diesel 20-40%, kerosene 54% and mazut 24%.
Prior to the petrol price decreases, the Ministry of Finance decided to sharply raise the price of A92 petrol from VND14,500/litre to VND19,000/litre. In related news, the crude oil price this morning unexpectedly increased a little, but is still at the low level of $116.58/barrel. The level represents a $30/barrel decrease from the record high at $147.27/barrel on July 11. (VNN)
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