Saigon Petro says price support for diesel fuel no longer necessary

Ho Chi Minh City’s Petroleum Co. Ltd. (Saigon Petro) has proposed to the Ministry of Finance’s Price Management Department to stop using the petroleum price stabilization fund to compensate traders for the sale of diesel oil. The department is using the fund to compensate traders VND400 (US$0.02) per liter of diesel fuel, kerosene and fuel oil sold, the Tuoi Tre newspaper reported, citing Saigon Petro. Diesel prices in the world market have fallen to between US$83.2 per barrel and US$83.6 per barrel in recent days, market watchdogs said. Earlier, the Ministry of Finance requested traders to lower gasoline prices by VND500 (US$0.03) per liter or 3% in line with the price fall in the world market. (June 3, 2010)