Oil companies seek retail price hikes

A filling station in District 3, HCMC. Some oil firms have asked the Government to raise gasoline retail prices since global oil prices are up. (Photo: SGGP)

PetroVietnam Oil Corporation, Petec Company, and Dong Thap Oil and Gas Trading Company have asked the Ministries of Finance and Industry and Trade to increase gasoline retail prices by VND500 to 700 a liter after global crude oil prices surged in the last few days.

 

Nguyen Xuan Trinh, deputy director for sales at PV Oil, said business are suffering a loss of VND700 on every liter of gasoline they sell and VND1,000 on kerosene.

He said after hovering around US$74 a barrel for the last 20 days, gasoline prices have risen to $79-80 in Singapore.

The prices of diesel and kerosene have also risen to $84 a barrel while a ton of fuel oil costs $456.

By Thu Tuyet – Translated by Nguyet Que

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