Ministry of Finance does not agree to increase gasoline prices

The Ministry of Finance has just officially responded to key petroleum import enterprises regarding the management of petroleum prices.

Accordingly, based on the developments in world oil prices and the domestic socio-economic situation, it is recommended that key oil trading enterprises not increase retail oil prices and continue to set aside the oil price stabilization fund (currently at 300 VND/liter). The Ministry of Finance also requires key enterprises to ensure the balance of supply and demand of goods and to conduct business activities normally.

Previously in early September, due to the price of finished petroleum products increasing in some sessions (including the session on September 2, the price of A92 gasoline atSingaporeover 127.88 USD/barrel), so three petroleum companies sent a dispatch to the Ministry of Finance requesting to increase retail prices. However, in the following trading sessions, the price of A92 gasoline atSingaporegradually decreased to 125 USD/barrel and recently was mainly above 121-122 USD/barrel. Crude oil price for October 2011 delivery in the US was also below 88 USD/barrel.

(According to TTO)