Ministry calls for easing government control on fuel prices

The Ministry of Industry and Trade (MoIT) has called for the government to loosen control on fuel prices, leaving suppliers and retailers to set the prices based on the global oil market and their cost of operation.

He added the government would still keep a close watch on prices, and suppliers must report to MoIT and the Ministry of Finance (MoF), the country’s joint authority on fuel management, if prices are to be adjusted.

MoIT also called for the fuel price cycle to be shortened from 10 days to 7 days, on Thursday every week (except for public holidays). The ministry said a shorter price cycle would allow domestic prices to stay more in tune with global and regional levels, reducing the risk of drastic price changes in the future.

Another proposal by the ministry was to allow retailers to buy from a maximum number of three suppliers to grant them more operational flexibility, especially those with large station networks.

The ministry’s proposed changes aimed to fix several issues that resulted in fuel shortages across the country last year. Suppliers and retailers have long voiced their grievances over many shortcomings and limitations in fuel management.

Refer to:
Vietnam news

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