According to a preliminary report sent to Ministry of Industry and Trade, oil and gas companies have lossed about USD5,000 billion in Quarter I.

Gas prices have been increased continuously in recent time to higher levels, but the domestic distributors still bear a huge losses.

Talking to reporters, Mr Vo Van Quyen - Director of Domestic Market Department (Ministry of Industry and Trade) confirmed about the losses of gas and oil companies up to USD5,000 billion in the Quarter I.

Explainning for the losses, Mr Quyen said it is due to companies conducted price stabilization in a long time since early last year, when petroleum import prices soared in the world market. Along with that, the current exchange rates in 2011 also changed sharply, stretching the rate gap larger and larger campanies had to pay banks.

Mr Quyen added the losses of USD5,000 billion is only preliminary estimates of the major distributors. So to give an exact figure, Ministry of Finance and the State Auditor will have to check details of cost, and exclude any reasonable costs ...

Ministry of Industry and Trade has reported the losses to the Prime Minister, however, the Ministry of Finance will chair a conference to handle and offers specific solutions.

Recently, petroleum prices in the world market have tended to decrease, but prices in domestic market have no sign to follow.

The possibility of fuel price reduction or not, Mr Quyen also answered that it is no mean that price in domestic market can immediately reduce as saw price dropped down in the world market. The adjustment of prices have to depend on Decree 84 of government on fuel operation.

Xangdau.net