Prime Minister Nguyen Tan Dung on February 26 decided to use the Price
Stabilisation Fund and other financial measures to keep the domestic
petrol price stable in the wake of the global fuel hikes.
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.
Following the move, the Ministry of
Finance on February 27 decided to allow domestic petrol retailers to
receive money from the Price Stabilisation Fund in a move to keep
domestic petrol prices stable despite global changes.
Accordingly, petrol retailers will get 2,000 VND per litre against the current 1,000 VND from Price Stabilisation Fund.
petrol companies asked the Ministry of Finance for a price increase,
saying they were suffering losses due to the global price hike.
According to the Ministry of Finance, Vietnamese petrol prices are
currently around 2,000 VND per litre lower than that of China, 4,000 VND
lower than Laos and 5,300 VND lower than Cambodia.-VNA