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Petrol pump prices up by $0.04 a litre to halt losses

Update: April, 21/2012 - 08:59

HA NOI — Retail petrol prices were raised VND400-900 (1-4 US cents) per litre yesterday evening with the approval of the ministries of Finance and Industry and Trade.

Nguyen Tien Thoa, director of the Ministry of Finance's price administration department, affirmed the adjustment.

Four key petrol importers — Petrolimex, PV Oil, Sai Gon Petro and Petimex — proposed the price hike on Wednesday to the Ministry of Finance.

The enterprises had said retail prices were lower than import prices and they were suffering losses as a result.

Tran Van Thinh, general director of the Viet Nam National Petroleum Group (Petrolimex), said the company raised prices starting at 8pm. A92 gasoline rose the most sharply by VND900 to VND23,800 per litre; diesel increased VND500 to VND21,900 per litre; kerosene was up VND600 to VND21,400 per litre; and mazut added VND400 to VND19,200 per litre.

This is the second time domestic petrol prices have been adjusted this year, and it has pushed the prices of commodities, especially A92, to their highest levels so far.

On March 7, the price of A92 was raised by up to VND 2,100 ($0.1) to VND22,900 per litre. — VNS

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