Petrolimex incurs losses of VND70 billion from petrol trading daily

The state-run Vietnam National Petroleum Corp (Petrolimex), the nation’s biggest petroleum trader, is suffering losses of VND70 billion (US$3.33 million) a day from petroleum trading, General Director Bui Ngoc Bao said. Petrolimex currently sells 25,000 liters of gasoline a day and suffers a loss of VND2,700 (US$0.13) per liter. Prices of gasoline in the world market on February 15 soared to US$107.61 per ton, of diesel fuel containing 0.05S to US$118.39 per ton, of kerosene to US$118.93 per ton, and of fuel oil 3.5S to US$616.59 per barrel. The country has spent around VND11 trillion (US$526.8 million) on stabilizing local petroleum prices over the past months, including VND3.5 trillion (US$166.5 million) from the price stabilization funds and VND7.5 trillion (US$356.7 million) from import tax cuts. (February 16, 2011)