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and oil trading mechanism in this December to ensure market factors in oil trading because many provisions are now outdated, said Deputy Prime Minister Nguyen Xuan Phuc.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... 

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 sudden upsurge of petrol prices on Monday is seen by many local enterprises as a hard blow to their business which will force them to raise prices to offset the rising input costs at a time mounting inventories are a major headache. Almost all sectors from transport service and offshore fishing to manufacturing are taking the direct hit, and enterprises in these sectors say they cannot absorb... 

Many local enterprises and experts have urged a decline in taxes and fees related to oil and gas products to help support enterprises and consumers amid great impacts of the current economic downturn. With import tax of 12%, special consumption tax of 10%, value added tax of 10% and environment protection fee of VND1,000 per liter, the State is now collecting around VND5,500-6,000 on each liter of... 

Global oil prices slid Tuesday after Norway halted an oil workers’ strike that threatened production and news of weak Chinese crude imports raised demand concerns. New York’s main contract, West Texas Intermediate (WTI) crude for August, finished at $83.91 a barrel, down $2.08 from Monday’s closing level. In London trade, Brent North Sea crude for delivery in August shed $2.35 to... 

Import taxes on some petroleum products on July 3 increased by 2 per cent, the Ministry of Finance announced. It was the fifth time that fuel taxes have changed this year. According to Circular 109/2012/TT-BTC, tariffs on RON 97 Oil, naphtha, reformate and alpha olefin rose from 10 per cent to 12 per cent. Diesel tax was increased to 10 per cent from 8 per cent and the tariffs on aeroplane fuel and... 

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... 

As world oil prices have been steadily falling over the past few days, local fuel wholesalers said they are ready for another bout of price cuts by the Finance and Industry-Trade ministries. RON92 gasoline price in Singapore closed at US$101.6 per barrel on Monday, down by US$0.98 a barrel, or 0.96%, from the previous session. This is the lowest level since the end of last year and US$5 lower than...