Tue. Dec 12th, 2023

PM: Retail petrol prices remain unchanged

HA NOI – Prime Minister Nguyen Tan Dung yesterday decided to prevent petrol retailers from raising their prices in a move aimed to stabilise the domestic market.

The PM said the Government would use the Price Stabilisation Fund and other financial measures to compensate petrol retailers’ losses while keeping the domestic petrol price stable in the wake of the global fuel hikes.

Dung also instructed relevant authorities to closely monitor petrol prices both on domestic and global markets to ensure they can recommend suitable measures for stabilising the macro-economy, controlling inflation and safeguarding market prices.

According to the Ministry of Finance, Vietnamese petrol prices are currently around VND2,000 per litre lower than that of China, VND4,000 lower than Laos and VND5,300 lower than Cambodia.

Previously, petrol companies asked the Ministry of Finance for a price increase, saying they were suffering losses due to the global price hike.

Industry insiders estimated that if retail petrol prices were adjusted upwards by VND1,000 per litre, as had been proposed by petrol businesses, March’s CPI would rise an additional 0.1 per cent. – VNS

By vivian