The Ministry of Finance has proposed the Prime Minister extend the interval between the adjustments of fuel prices from the current ten days to 15 days, according to the Ministry of Industry and Trade. The industry ministry last Tuesday submitted to the Prime Minister suggestions for amendment to Decree 84 in order to make the pricing regulations more appropriate with the reality. The industry ministry... 

Local petrol and oil companies have seen their business fare poorly since the year’s beginning, with some of them even making losses, which are ascribed to the management mechanism. Though hesitating to give comments and declining to reveal their exact business results, representatives of many fuel wholesale companies confirmed their profits from fuel trading were very low, not matching sales volumes... 

The Government will modify Decree 84 on petrol and oil trading mechanism in this December to ensure market factors in oil trading because many provisions are now outdated, said Deputy Prime Minister Nguyen Xuan Phuc. At present, under normal conditions, fuel wholesalers can adjust retail prices within the prescribed scope and sequence, Phuc told the National Assembly (NA) on Monday on the implementation... 

Despite fuel prices in the global market is continuously falling, domestic retail prices remain unchanged as ruled by the ministries of finance and industry and trade. In Document 15448 just sent to fuel wholesalers, the ministries decided that fuel retail prices and import tariffs are kept unchanged. Meanwhile, oil traders will have to stop using the price stabilization fund to cover their expenses... 

As local fuel wholesalers are suffering a loss of hundreds of Vietnam dong for one liter or one kilo, reducing retail prices as expected by consumers and local media is impossible at the moment, the Ministry of Finance said. In Dispatch 13693/BTC-QLG sent to local media on Tuesday, the ministry denied a possibility of lowering fuel prices despite the declining global prices over the past few days. According... 

There is a high possibility that another fuel price hike will take place soon as fuel wholesalers are crying over losses of up to VND1,000 for one liter of gasoline and about VND800 for one liter of diesel oil, saying they are to report the problem to relevant authorities. Representatives of fuel wholesalers on Wednesday confirmed to the Daily that their firms are incurring huge losses. Le Thanh Man,... 

The Ministry of Finance on Thursday revised down fuel prices, with the standard gasoline type A92 marking down by VND700 to VND21,200 per liter. Meanwhile, the price of diesel oil is down by VND400 to VND20,100 a liter while kerosene and fuel oil are cut by VND350 and VND300 to VND20,050 and VND17,950 respectively. The price cuts, effective from 4:00p.m. on Thursday, are attributed to continuously... 

Fuel traders said the Ministry of Finance’s decision to reduce fuel import tax is not a radical solution as global prices have been surging while price stabilization funds are being exhausted. Under Circular 25/2012/TT-BTC signed by Deputy Minister of Finance Vu Thi Mai on Tuesday, import tax has been slashed for petrol and oil products. In particular, the motor vehicle gasoline such as RON... 

The domestic retail price of petrol and oil would remain unchanged for the time being, despite the fact the global price fell last month, said Dam Thi Huyen, deputy general director of the Vietnam National Petroleum Corporation (Petrolimex). She said the world prices of petrol and oil fell in May, relieving pressure on the local market. In May, the average price on the Singapore market, the main source... 

The petroleum prices in the world have been fluctuating all the time, therefore, it is very difficult to give predictions about how high the domestic petroleum prices would be in the time to come. However, experts believe that the prices will keep rising due to the increasing demand. Deputy General Director of Petrolimex, Nguyen Quang Kien said at the meeting with the Ministry of Industry and Trade...