Three of the nation's 11 oil products trading firms have asked the authorities for approval to raise fuel retail prices from today, citing rising world oil prices.
Military Petroleum Co., Dong Thap Petroleum Co and Petec sent their fuel price increase proposals to the ministries of finance and industry-trade on Monday.
Explaining the proposals, the three companies said world oil prices had leapt sharply in recent months, so their losses would balloon if the authorities did not intervene.
The price of A92 gasoline imported from Singapore has soared to US$74.98 per barrel over the past 30 days, and fuel oil to US$400.69perton.
They will incur a loss of around 1,900 dong for each litter of A92 gasoline sold, about 1,500 dong for diesel oil and some 1,000 dong for fuel oil, they said.
Dong Thap Petroleum wants to the price to increase by 700 dong per litre of A92 and 750 dong per litre of diesel oil. Military Petroleum's respective proposed prices hikes are 750 dong and 1,000 dong.
The latest increases in June set A92 gasoline jumping to 13,500 dong per litre, kerosene to 13,000 dong, diesel oil to 11,500 dong and fuel oil to 10,000 dong.
The ministries of finance and industry-trade said they would not reply to the three firms' proposals before they weigh the pros and cons in a way that ensures the interests of both traders and users.
June's 1,000 dong increase for each litre of fuel was the single biggest price hike and had for the first time exceeded the 500 dong/liter level since a mechanism for letting market forces decide fuel prices was introduced.
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