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Petrol price may drop by VND500/litre
06/08/2010 - 190 Lượt xem
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The crude oil price in Asia slightly increased late yesterday afternoon, remains at low level, at $56.68 per barrel. Meanwhile, the petrol price was quoted at $62.68 per barrel yesterday.
Experts said that with the current import prices, a litre of petrol would be priced at VND9,000 after tax (10% of import tax, 10% of VAT, and 10% of luxury tax). The retail price would be VND10,000 per litre if adding the distribution fee, storage fee and management fee. With the current retail petrol price at VND10,500 per litre, petrol importers have been making the profit of VND500 per litre. With the oil prices at $55-56 per barrel seen several months ago, petrol importers made the profit of VND1,000 per litre.
At the time when A92 petrol was set at VND9,500 per litre (November 20, 2005), the crude oil price in the world was $58.84 per barrel. The most recent petrol retail price adjustment took place on October 6, 2006, when the crude oil price was at $60 per barrel, and the petrol retail price at VND10,500 per litre.
An official from the Ministry of Finance said that crude oil prices prove to be stabilised, and the management authority now has to consider adjusting the retail prices for the domestic market. According to him, the thing that needs to be done now is lowering the retail price by VND500 per litre rather than raising the import tax to raise the volume of state budget collection. Goods prices are increasing towards the Lunar New Year, and the State should lower petrol prices so as to ease the pressure on goods price increase.
The retail petrol price levels at different moments:
|
World’s crude oil price (US$) |
Mogas 92 petrol (VND/litre) |
|
49.50 |
8,800 |
|
63.25 |
10,000 |
|
58.84 |
9,500 |
|
70.97 |
11,000 |
|
76.35 |
12,000 |
|
63.76 |
11,000 |
|
60.00 |
10,500 ($0.65) |
Source: VNE
