Ministry orders no fuel price hike as firms complain of losses

Thanh Nien News

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The Ministry of Finance has insisted that fuel prices remain stable even as Vietnam's petro companies complain that they have incurred losses, Thoi bao Kinh te Sai Gon reported Tuesday.
The ministry issued its order after Petrolimex, the country’s biggest importer and trader of oil products, and Dong Thap Petroleum Trading Company (Petimex) submitted reports, saying that local retail prices were lower than the global average for the past 30 days.
According to the Vietnam Petroleum Association’s website, the global average rose between April 5 and May 5, causing losses of VND144-306 per liter sold.
The finance ministry responded, Tuesday, by noting that despite the global prices fell this week.
On April 22, Vietnam’s fuel prices went up by around 1 percent with the approval of the finance ministry.
The third hike of the year brought Petrolimex’s price on the popular 92-octane (92 RON) gasoline to VND24,900 (US$1.1) per liter, the highest-ever.
Last year Vietnam’s fuel prices saw five hikes and six decreases.

Ironically, Petrolimex reported early this week its last year’s pre-tax profits at nearly VND2 trillion ($94.47 million), some 65 percent of which came from its oil product businesses.

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