The Ministry of Industry and Trade and the Ministry of Finance decided to make no change to base fuel prices on March 4, following nine cuts in a row since October 19 last year.
Fuel prices unchanged after nine cuts in a row. (Photo: VNA)
Hanoi (VNA) 🥃– The Ministry of Industry and Trade and the Ministry of Finance decided to make no change to base fuel prices on March 4, following nine cuts in a row since October 19 last year.
The two ministries announce the base fuel prices every 15 days, depending on the fluctuation of world oil and gas prices since the previous announcement.
The ministries said although the average global price of RON 92 from February 19 to March 3 was 42.314 USD per barrel, up 2 USD, while that of diesel was 40,325 USD per barrel, up 2.6 USD, the national petrol price stabilisation fund will be used to maintain petrol price at the current level.
Petrol RON 92, E5 and diesel will be subsidised 363 VND to 983 VND per litre to keep the prices of petrol RON 92 and bio-petrol E5 at 13,752 VND (0.617 USD) per litre and 13,321 VND (0.597 USD) per litre, respectively.
The ceiling prices for diesel 0.05S and kerosene are pegged at 9,580 VND (0.43 USD) per litre and 8,905 VND (0.4 USD) per litre, respectively.-VNA
Retail petrol prices were raised by 612 VND (0.027 USD) per litre as of September 18 following five price cuts in a row since July 4 with a combined reduction of 3,000 VND (0.133 USD) per litre.
The Ministry of Finance has developed different scenarios that consider future impacts of oil price slumps for a more flexible management of the state budget in 2016, said Minister Dinh Tien Dung.
The national fuel price stabilisation fund had over 3.97 trillion VND (180.4 million USD) as of December 31, 2015, according to the Finance Ministry on February 2.
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Fuel prices unchanged after nine cuts in a row. (Photo: VNA)
