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Impacts of petroleum price spike
Businesses and people have to find ways to cope with the situation.
Raising petrol prices is no novelty as the Government has taken a number of measures to control its negative impacts. Businesses and people as a whole will have to practise thrift and consider it vital to save fuel in both production and daily consumption.
Fishing in trouble water
In the past three days, the prices of many goods and services in Hanoi have begun to go up slightly.
At Mo Market, the price of ten duck eggs is now VND2,000 higher than before while fish of all sorts have risen by VND5,000-7,000 per kilogram.
Mr Khoa, owner of the Red Lantern Restaurant says he will have to raise the price for each dish by at least 10 percent.
Motorbike and car taxi services show sharp increases of around VND1,000-1,500 and VND1,500-2,000 per kilometer respectively for a long distance out of town while a short one costs somewhere between VND50,000- 100,000 on average.
Nguyen Manh Hung, chairman of the Vietnam Automobile Transport Association says petrol costs used to account for half of all total expenses but now they make up more than 60 percent. Therefore, in the near future, transport companies will meet to discuss a suitable adjustment of 15 percent to transport charges.
Saving
Thu Huong, a resident in Hoang Cau Street has decided to travel by bus instead of using her scooter. She says she can save tens of thousands of Vietnam dong. Mrs Dung, wife of a rich man on the same street, who goes shopping almost everyday by car, confides: “I have to lower the frequency of my visits to the shops. I will stay at home more and travel by motorbike to save energy. Travelling by car is a waste of money.”
Mr and Mrs Kim living in Linh Dam residential quarter have bought two bicycles instead of two motorbikes to go to work.
Businesses, who bear the brunt of the petrol price hike, have to seek measures to cut production costs. The Vietnam Automobile Transport Association (VATA) has asked its branches to reorganise staff structures and try to reduce transport costs. The most important matter is to reorganise transport activities to save energy.
Meanwhile, the Viet Tri Paper Company has to change its production method by using coal instead of fuel to heat steam boilers. This move can help the company save more than VND10 billion per boiler. According to Khong Minh Tri, deputy director of the company, there is a plan afoot to use coal to fire its two remaining steam boilers in order to minimise the use of fuel.
The Lilama Company 69-3, which uses many big machines, aims to save 5-10 percent of its energy used in transport and machine operations. The company has asked all its staff to limit the use of cars for working trips. Accordingly, only the managers of departments are allowed to travel in company’s cars for working trips outside the city.
Many businesses, particularly those in the private sector, save energy by choosing modern equipment and machinery. Tran Hoang Nam from the 2-9 packaging company says that his company will spend approximately VND1 billion to buy new machines for their second production chain. The company has decided to double its investment in purchasing modern machines to save energy in the long run, he adds.
Vu Quang Thanh, director of the Phuong Trinh Co. Ltd in southern Binh Duong province, says: “We have taken three immediate measures to maintain business operations. First, we will only supply fuel for drivers to run for one day. Second, we will intensify inspections of ticket sales to strictly deal with frauds. Third, we have asked our staff to minimise their spending to ease the financial burden on the company.”
VOV
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