Dung said crude oil prices only accounted for 40 to 50% of retail prices for petrol. Therefore retail prices couldn’t be cut to the same extent. Currently, petrol prices in Vietnam are lower compared to those in China, Laos and Cambodia.
The Ministry of Finance predicted that global crude oil prices could go drop a further 30 - 55 USD per barrel in 2016 and this estimate would be used in projecting the state budget plans to balance state budget revenues and input costs of domestic production.
