Accept losses, request not to increase gasoline prices

The Ministry of Finance has just requested that petroleum businesses maintain retail prices despite a loss of more than 500 VND/liter.

Despite the price increase just two weeks ago, the petroleum market is still facing unfavorable developments. On the afternoon of March 6, the Ministry of Finance announced that the difference between the current selling price and the average base price for 30 days from February 4 to March 5 shows that most petroleum products have made a loss.

Gasoline suffered the heaviest loss with a retail price of minus 519 VND/liter. Diesel lost 173 VND/liter, kerosene lost 336 VND/liter. Only mazut had a positive price of 33 VND/kg.

Continue using the Fund to compensate for losses on gasoline (photo: PH)

However, to harmoniously share the interests of consumers and businesses, the Ministry of Finance has issued an official dispatch requesting key petroleum trading enterprises to maintain stable domestic gasoline and oil prices and continue to deduct from the Price Stabilization Fund for gasoline and oil products as at present.

At the same time, businesses continue to not calculate the full profit margin in the base price for gasoline and kerosene, tentatively estimated at 100 VND/liter, instead of 300 VND/liter, kg.

To compensate for the lack of price increases, the Ministry of Finance allows petroleum trading enterprises to use the Price Stabilization Fund, starting from 12 noon today, March 6. The specific discharge levels are: gasoline is used at 300 VND/liter, diesel: 170 VND/liter, kerosene: 110 VND/liter.

Thus, this is the 5th time the Ministry of Finance - Industry and Trade has issued a document to adjust the stabilization of the petroleum market. In which, once, businesses were required to reduce oil prices by 300 VND/liter, once, prices of 4 products were increased simultaneously by 200-300 VND/liter, kg on April 21, the remaining 3 times, businesses were not allowed to increase prices but used the Fund, reducing the standard profit to compensate,

Currently, gasoline price is 24,510 VND/liter, diesel is 22,770 VND/liter, kerosene is 22,630 VND/liter, and fuel oil is 18,710 VND/kg.

According to Vietnam.net