MoF requires oil price cut
VGP – The Ministry of Finance yesterday requested fuel retailers to reduce the retail price of petrol by VND 500 per liter since 9 PM.
May 28, 2010 7:09 AM GMT+7
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Accordingly, the domestic retail price is VND 16,990 per liter of A92 petrol.
This is the first time the MoF, instead of enterprises, has to order an oil price cut since Decree 84/2009/NĐ-CP on petroleum trading mechanism took effect in late 2009,.
The MoF attributed its decision to sharp drops of the world crude oil price while holding that local traders are no longer suffering from huge losses.
In addition, the Ministry also decided to trim down the subsidies for petrol products, allocated from the petroleum stabilization fund, from VND 500 to VND 200 per liter since May 28. Meanwhile, the retail prices and subsidies for diesel oil and kerosene are kept unchanged.
By Khánh Phương
