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Fuel hike fails to spark price spiral
The prices of most essential goods have remained stable or even fallen slightly in HCM City despite the recent hike in fuel prices.
Markets in Districts 3, Binh Thanh, and Go Vap have maintained the prices of chicken, beef, pork, sugar, and rice at the same levels as before the hike.
At poultry shops in District 3’s Ban Co market, chicken costs VND25,000-34,000 per kilogramme depending on the variety, and eggs cost between VND1,400-1,600 each.
At Da Kao market in District 1, beef prices remain stable at VND120,000-130,000 per kilogramme.
Though the volume of seafood arriving at Binh Dien wholesale market has contracted since last week, the prices have not gone up and, in some cases, have even fallen slightly.
Fruit and vegetable prices at Tam Binh wholesale market have fallen by VND500-1,000 per kilogramme due to a fall in demand.
Traders said prices are unlikely to increase in the rainy season due to a contraction in consumers’ purchasing power.
Many supermarkets in HCM City like Co.op Mart, Big C, and Citimart have also pledged to keep prices of essential goods stable.
"Since the economy is in a difficult situation, if we increase prices, people may find it difficult to buy," Bui Hanh Thu, deputy general director of Sai Gon Co-op Supermarket, said.
"So we will negotiate with suppliers to keep prices stable."
Nguyen Thi Hong, deputy chairwoman of the HCM City People’s Committee, said to prevent traders from taking advantage of the petrol price hike to increase prices of essential goods, the administration would keep a close eye on them.
It has ordered the Department of Industry and Trade to find out the prices of goods and consumers’ purchasing power, she said, and inspectors to watch out for and investigate any unusual price fluctuations.
"Those violating price, quality, and food hygiene and safety regulations will be severely punished."
The Ministry of Finance and the Ministry of Industry and Trade last week approved an increase of VND1,000 for a litre of petroleum products.
A92 petrol and kerosene now cost VND13,500 and VND13,000 respectively.
vietnamnews
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