Government instructs fuel price adjustments based on world market

Government instructs fuel price adjustments based on world market

The government has directed concerned ministries to adjust retail fuel prices based on fluctuations in world prices, the government website stated Monday.

The Ministry of Industry and Trade and the Ministry of Finance have been directed to solve problems facing local fuel enterprises after they complained of losing more than VND500 (2.87 US cents) per liter recently. Earlier, consumers were expecting retail fuel prices to be lowered after crude oil prices had reduced to US$34 per barrel. However, retail prices in Vietnam are based on imported fuel oil prices which have now increased to $60 per barrel. Fuel importers must pay import tariffs and several other fees. The most common grade of gasoline, A92, is currently sold on the retail market for VND11,000 (63 US cents) per liter. Source: Agencies