Vietnam deregulates oil prices at the pump

Vietnam’s petroleum enterprises raised prices at the pumps this month, the first time they have been granted the power to do so, following a government decision to deregulate the sector as of May 1. Bui Ngoc Bao, deputy general director of Petrolimex, which has a 55% share of the local market, said oil importers continue to incur losses of between VND1,300 (US$0.081) and VND1,400 (US$0.087) per liter despite the Finance Ministry’s latest cut in import oil tax to 5%. (May 7, 2007)