MoF rejects petrol price increase

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The Ministries of Finance and Industry and Trade met on September 11 and decided to keep the retail prices of oil products unchanged after weighing the benefits of both consumers and distributors.

Currently, a litre of RON 92 petrol, the most common type of fuel in Vietnam, is priced at VND23,650 while a litre of 0.05S diesel is sold for VND21,850.

Kerosene also remains stable at VND21,900 per litre and fuel oils between VND18.550 and VND18,950 per kilogramme depending on the variety.

The import duty for kerosene and mazut was reduced to 10% while the duty for petrol remained unchanged at the current 12%. In addition, the import duty for diesel was also cut from 10% to 8%.

Oil product distributors were also allowed to extract VND500 for a litre of fuel from the stabilisation fund to offset losses due to rising global oil prices.

The MOF have stated that over the past 30 days from August 12 to September 10, the average fuel price on the world market rose between 6.16% and 9.43%./.

By Khanh Phuong

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