Finance Ministry to check import oil prices for better management

The Vietnamese Ministry of Finance has decided to establish three teams to inspect the import prices of oil products of Petrolimex, PetroVietnam Oil (PV Oil) and two other major distributors – Saigon Petro and Dong Thap Province-based Petimex.

Of them, Petrolimex, or the Vietnam National Petroleum Corporation, is the country’s largest fuel wholesaler.

Minister of Finance Vuong Dinh Hue (L) and Deputy Minister of Industry and Trade Nguyen Cam Tu co-chair a conference on fuel price management held in Hanoi September 20, 2011 (Photo: Tuoi Tre)

The ministry says the inspection aims to help better manage the retail prices of oil products in the country.

The ministry adds it will ask Vietnam’s commercial services in regional oil supplying countries to provide it with update oil prices in those nations.

At a conference on fuel price management held in Hanoi Tuesday between the Ministry of Industry and Trade and the Ministry of Finance, Minister of Finance Vuong Dinh Hue said distributors were still making profits.

Meanwhile, major wholesalers claimed they were making losses.

Source: SGGP, translated by Minh Tuong

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