Vietnam to cut short petroleum price adjustment cycle

Meeting with voters in the Mekong Delta city of Can Tho on October 13, the PM did not specify the time frame but said the government has directed relevant agencies to consider options for submission to the PM for approval.

Currently, the Ministry of Industry and Trade and the Ministry of Finance have been assigned to jointly calculate costs and announce retail petroleum prices every ten days.

A shortage of petrol has been a burning issue of public concern in Ho Chi Minh City, the country’s largest localities, and some other southern provinces. Many filling stations have run out of petrol while some others have operated in moderation.

The Ministry of Industry and Trade affirmed Vietnam has a sufficient supply of petrol for domestic use, and it will inspect filling stations and impose sanctions if they are found to break regulations.

Meanwhile, retailers said they could not import petrol when the buying price is currently higher than the selling price, leading to a loss.

In the latest adjustment on October 11, the retail prices of E5 RON 92 and RON 95 that are commonly used in Vietnam rose by VND560 to VND21,290 per litre and VND22,000 per litre respectively.

This was the first time in more than a month that petrol prices had risen after four decreases.

At the meeting with Can Tho voters, PM Pham Minh Chinh also said the government would consider revise regulations relating to costs that constitute petrol and oil prices.

He also agreed that market management and policy response should be faster and more flexible, and that businesses that do not comply with the regulations must be handled.

The Government leader reminded that State management agencies should pay more attention to communications to ensure consumers feel at ease.