Tag Archive for ‘Gasoline’

New regulations on import and export in Vietnam

The Ministry of Finance has held a meeting to introduce changes in the list of Việt Nam’s export and import goods as per Circular No 65/2017 / TT-BTC. The new circular will take effect from January 1 next year. At the meeting on Friday, Đào Thu Hương, Deputy General Director of the General Department of […]

Vietnam’s Crude Oil Exports in October Jump 26.4% on Year to 798,745 Mt

Vietnam exported 798,745 mt of crude oil in October, up 26.4% year-on-year, the General Department of Vietnam Customs said Tuesday. The export volumes were down 13.7% from September. The month-on month drop in the country’s crude oil exports was attributed to stable demand for domestic crude from its sole 6.5 million mt/year refinery at Dung […]

Oil Falls on Greek Aid Meetings, Japanese Contraction

Oil in New York dropped for the first time in three days as European policy makers met to discuss aid for Greece and Japan’s economy shrank. Futures fell 0.6 percent as euro-area finance ministers gathered in Brussels after Greek lawmakers passed a 2013 budget needed to unlock bailout funds. Japan’s economy contracted last quarter at an annual rate of 3.5 percent, the most since the earthquake and tsunami in early 2011. “As long as there is no resolution to the Greek crisis, markets will remain under pressure,” said John Kilduff, a partner at Again Capital LLC, a New York-based energy hedge…

Platinum, Palladium Shortage Most in a Decade on Supply

Platinum and palladium will return to the biggest shortages in at least a decade this year as strikes and safety stoppages in South Africa and falling sales from Russia cut supplies, Johnson Matthey Plc (JMAT) said. Labor disputes in South Africa will help cut platinum output to the least since 2000 and leave the market […]

Japanese Investor Delay Won’t Impact On Nghi Son Oil Refinery

Construction of Viet Nam’s largest oil refinery complex will start as planned, despite a decision-making delay from Japanese investor Idemitsu. An official of PetroVietnam, the complex manager and also an investor, moved quickly to assuage fears after it emerged that a final investment decision on the complex had yet to be taken by Idemitsu, which […]

Ministers deny cutting Vietnam’s fuel price to ease Q&A pressure

Fuel price cuts have been released simultaneously with the convention of the National Assembly multiple times, but the two ministers in charge of the reduction said it is only a random coincidence. On November 11 the retailing price of A92 gasoline was slashed by VND500 per liter to VND23,150, the first cutback since late August, according to a decision issued the same day by the Ministries of Finance, and Industry and Trade. The price reduction was released just one day before the two…

Gasoline price falls in Vietnam

The Ministry of Industry and Trade and the Ministry of Finance finally decided on Sunday afternoon to reduce the price of gasoline by VND500 per liter and that of heavy fuel oil by the same amount per kg. The ministries said global prices of fuels were in decline. The average price in the past 30 […]

VIetnam Petrol Price Cut By 2 Cents Per Litre

HA NOI (VNS)— The price of RON 92 gasoline was slashed by 500 dong (2 US cents) to VND23,150 (US$1.1) per litre yesterday evening in accordance with a joint decision by the ministries of Industry and Trade and Finance. A similar cut was also applied for the price of mazut oil, which now costs VND18,150 ($0.86) per litre. Global petrol prices had continued to decline this month, and advantageous market developments facilitated the moves, the ministries said. For the past month, the average retail price of RON 92 was about 522 dong higher than basic…

Vietnam’s Petrolimex to Skip Gasoline Spot Imports for Second Month in Dec

State-owned Vietnam National Petroleum Group, better known as Petrolimex, has decided to skip purchasing spot gasoline imports for a second straight month in December, a source close to the matter said Thursday. This is largely due to expectations that domestic buying will continue to remain low into December amid ample spot availability from the country’s […]

Petrolimex grants high wages despite huge losses

Petrolimex, the country’s largest fuel wholesaler, has repeatedly reported losses, but the average wage for its employees remain as high as VND21 million, or roughly US$1,000 a month, the State Audit of Vietnam (SAV) has reported. The state-run company, fully known as Vietnam National Petroleum Group, incurred a combined pre-tax loss of more than VND1.4 trillion last year, and the particular loss from the fuel sector was VND2.3 trillion, the SAV said in its audit report on the 2011 financial status…