Tag Archive for ‘Petrol’

Vietnam to see cut throat competition in petroleum market

Formerly a country that exported crude oil at low prices, Vietnam now produces petroleum products which can satisfy half of domestic demand. Vietnam’s oil refining industry is built based on two huge projects capitalized at multi-billion dollars – Dung Quat Oil Refinery and Nghi Son Petrochemical & Oil Refinery Complex. In 2009, the $3 billion […]

Petrolimex sell-off to come in 2018

Vietnam National Petroleum Group, the country’s state-owned biggest petroleum distributor, will see a large state divestment in 2018, paving the way for foreign investors to access the profitable business. Vietnam National Petroleum Group (Petrolimex) will see a 24.9% stake, held by the state, sold off in 2018 under the Decision No.1232/QD-TTg, signed by Deputy Prime […]

Vietnam transport ministry to raise airport service charges

HÀ NỘI — The Ministry of Transport will increase service charges at airports to compensate for investment costs of the airport system and raise service quality. According to a regulation issued last week, the take-off and landing charge will increase by 5 per cent from October 1, 2017 to June 30, 2018, on average. It […]

Vietnam to modify fuel trading mechanism

The Government will modify Decree 84 on petrol and oil trading mechanism in this December to ensure market factors in oil trading because many provisions are now outdated, said Deputy Prime Minister Nguyen Xuan Phuc. At present, under normal conditions, fuel wholesalers can adjust retail prices within the prescribed scope and sequence, Phuc told the […]

Vietnam National Assembly questions Cabinet Members

The National Assembly began question and answer sessions on the Government’s performance on November 12 presided by Chairman Nguyen Sinh Hung. Minister of Industry and Trade, Vu Huy Hoang, was the first to appear at the session. He was questioned by 23 deputies from 19 cities, and provinces. On measures to ease difficulties for businesses – particularly unsold inventories, t he minister confirmed that inventories are an urgent matter to be addressed. The situation has progressed thanks to the joint efforts of the business community and the Ministry’s supervision, he noted. An example from the mechanical and engineering industry was cited – the inventory index…

Vietnam Deputies Rise To Question Time

HA NOI (VNS)— With burning issues surrounding petrol problems, inventory clearances and the inundation of low-quality products in the domestic market, yesterday’s National Assembly question and answer session was a heated affair. Minister of Industry and Trade Vu Huy Hoang was the first member of the Government summoned to answer queries raised by NA deputies. Hoang admitted there are still shortcomings in market management, causing the deluge of low-quality and…

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…

Petrolimex salaries soar even as losses mount

HA NOI (VNS)— Salaries remained high for employees of State-owned petrol distributor Petrolimex even as the company posted a loss last year of VND2.3 trillion (US$110 million), according to a 2011 audit report just now made public by the State Audit of Viet Nam. The report showed that Petrolimex paid each of its workers last year an average monthly wage of nearly VND21 million ($1,000) per month, compared to an average of VND6.6 million ($315) in the rest of the industry. The Petrolimex audit report was released in response to requests…

Vietnam Petrol Prices Down VND500/litre

(VOV) – The retail price of A92 petrol was cut by VND500 to VND23,150 per litre as of 18.00 pm on November 11. A similar VND500 cut was also applied to F.O oil, according to a November 11 decision jointly released by the Ministry of Finance and the Ministry of Industry and Trade. However, the […]