The Ministry of Finance has decided to impose a 4 percent
tariff on imported petrol products after maintaining a zero tariff for 11
months to stabilize prices.
Speaking about this decision,
director of the Price Management Department Nguyen Tien Thoa said all tariffs
of imported diesel oil, mazut oil and petrol were still much lower than the 10
percent ceiling set by the government.
The import price of petrol
end-products from the Singaporean market, which is Vietnam's main fuel
supplier, has remained low and stable, allowing petrol importers to make
significant profits, Thoa told Tuoi Tre Newspaper.
The prices of petrol products
imported into Vietnam on December 22 and 23 were US$113 per barrel. Earlier,
petrol prices in all transactions in Singapore were about $108 or $109 per
barrel. The average price of imported petrol since December 16 is thus $110 per
barrel.
In addition, petrol traders
have also been receiving financial assistance from the petrol price
stabilization fund, which is VND550 per liter.
As the domestic retail price
for petrol is VND20,400 ($0.97) per liter, petrol traders can generate a profit
of about VND700 per liter, including the fixed profit of VND300 a liter, as
stipulated by the Ministry of Finance on wholesalers' prime cost calculation.
Petrolimex said it had gained a
profit of VND800 on every liter of A92 gasoline they sold from December 1 to
December 15 when the price of petrol imported from Singapore was $111.06 per
barrel.
In November, it also reaped
VND1,000 a liter for gasoline.
According to market watchdogs,
the finance ministry's recent changes on petrol-pricing policies only protected
the interests of the State and enterprises rather than consumers. It is
reflected most clearly by the ministry’s hesitance to cut petrol retail prices
to help consumers.
A source from the ministry said
it was preparing to make some adjustments on current regulations related to oil
and gas price calculations, such as the formula for prime costs, fixed business
expenses and price stabilization funds.
TUOITRENEWS
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