The retail selling price of petroleum will likely be reduced in the nextfew days, Deputy Industry and Trade Minister Do Thang Hai announced at apress conference on November 3.
The domestic petrol price waspreviously reduced eight times this year by a cumulative amount of 3,300VND (15 US cents) per litre. The latest decrease which took place onOctober 23 brought down the price to 22,340 VND (1.1 USD) per litre.
Fueltraders are allowed to unilaterally raise prices if the rate ofincrease is below three percent of current prices, but they must reportthe increase to the ministries of Finance and Industry and Trade.
Ifthe increase is between three to seven percent, petrol wholesalers arerequired to submit documents on price fluctuations of elements whichmake up petrol prices, as well as anticipated increases, to the twoministries for review and approval.
Fuel price increasesexceeding seven percent, or increases with a significant impact onnational socio-economic development and the people's living standards,must be reported to the Prime Minister for review and approval.
TheMinistry of Industry and Trade (MoIT) is responsible for providingupdates on world fuel prices, including base and retail prices, and theuse of the fuel price valorisation fund on its website.
"Basedon the world petrol market, the two ministries will reduce the retailprice as soon as possible to ensure benefits to people and businesses,"the deputy minister said.
Petroleum traders said they made profits of 1,087 VND per litre from the downward trend in the world market.
Thecountry so far has 19 petrol traders, and the number will be increasedto supplement petrol supply and increase competitiveness.-VNA
The domestic petrol price waspreviously reduced eight times this year by a cumulative amount of 3,300VND (15 US cents) per litre. The latest decrease which took place onOctober 23 brought down the price to 22,340 VND (1.1 USD) per litre.
Fueltraders are allowed to unilaterally raise prices if the rate ofincrease is below three percent of current prices, but they must reportthe increase to the ministries of Finance and Industry and Trade.
Ifthe increase is between three to seven percent, petrol wholesalers arerequired to submit documents on price fluctuations of elements whichmake up petrol prices, as well as anticipated increases, to the twoministries for review and approval.
Fuel price increasesexceeding seven percent, or increases with a significant impact onnational socio-economic development and the people's living standards,must be reported to the Prime Minister for review and approval.
TheMinistry of Industry and Trade (MoIT) is responsible for providingupdates on world fuel prices, including base and retail prices, and theuse of the fuel price valorisation fund on its website.
"Basedon the world petrol market, the two ministries will reduce the retailprice as soon as possible to ensure benefits to people and businesses,"the deputy minister said.
Petroleum traders said they made profits of 1,087 VND per litre from the downward trend in the world market.
Thecountry so far has 19 petrol traders, and the number will be increasedto supplement petrol supply and increase competitiveness.-VNA
