Government cuts petrol price by 1,000 VND

Hanoi (VNA) - The retail price of petroleum was slashed by 1,000 VND (0,06 USD) per litre nationwide on November 8, according to a joint decision by the Ministry of Finance and the Ministry of Industry and Trade.

A litre of A92 petrol is down to 14,000 VND and A95 petrol to 14,500 VND.

The new selling price for a litre of diesel oil is 13,000 VND and kerosene
is 14,500 VND.

The Ministry of Finance announced on November 7 that import taxes would be
raised by 5 percent for petrol and kerosene to 20 percent. The tax ate for
diesel oil will be 15 percent.

The new import tax rates will be applied starting November 11.

This is the fifth time time since early October the petroleum price has
been adjusted, but is the first time for a 1,000 VND decrease. Previously,
the rate of decreases has only been 500 VND.

The world oil price hit a record high of 147.27 USD per barrel on July 11,
while on November 7 it was around 67 USD.

Importers said modest decreases in the petrol prices were justified,
because of large losses incurred when prices reached record highs of around
140 USD per barrel.-Enditem