Local petrol prices to fall further

The national petroluem corporation, Petrolimex, proposed a further reduction of VND500/liter in petrol prices yesterday.

Filling up at a petrol station in HCM City (Photo: Thanh Nien)

The proposal will be considered and decided on today by an inter-ministerial inspection team. If approved, the new retail petrol prices will VND15.000/liter (A95) and VND14.500/liter (A92).

The latest reduction comes as world oil prices fall under USD60/barrel.

Petrolimex also plans to decrease kerosene prices by VND500/liter and mazut machine oil) prices by VND1000/liter. However, these might not apply across the board at all enterprises.

Meanwhile, the Ministry of Finance has planned to increase import taxes by 5% so the new rates will be 20% for petrol and 15% for kerosene.

The ministry says that enterprises will have the right to increase their prices if world prices go up after receiving approval from state management agencies.

By Anh Nhi – Translated by Thanh Huong.

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