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.