MoF raises petrol retail prices
VGP – The Ministry of Finance (MoF) on March 7 raised retail prices of petroleum products by between 3% and 12% to narrow the price gap with neighboring countries.
March 07, 2012 4:10 PM GMT+7
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Meanwhile, kerosene was raised by 3% to VND20,800 per liter and fuel oil surged 11.9% to VND18,800 per liter.
The MoF also cut import tariffs of petrol and oil to 0% and reduced the spending of the Oil Stabilization Fund to VND300 per liter for every oil product.
This is the first fuel price rise since the beginning of the year.
The MoF said the move was taken as global oil prices are surging highly and the gap in prices with neighboring countries has widened, spurring smuggling in the southern provinces.
The MoF also said the price rise was necessary after import duty on several oil products cut to 0% or 3% and also the Oil Stabilization Fund used up./.
By Kim Anh
