Petrol prices to be adjusted according to market mechanism

The Ministry of Finance on September 9 issued a memo stipulating that it and the Ministry of Industry and Trade will continue to adjust petrol prices according to the state of the market.

The document stated that both ministries will work together to ensure Vietnam’s retail petrol prices are on par with those of other regional countries, especially countries that share a border with Vietnam.

This is to help prevent petrol from being smuggled across the border and make sure the state, businesses and consumers can share in the benefits.

However, the Ministry of Finance will combine various measures to curb surges in domestic petrol prices by allowing major petrol businesses to lengthen their payment time to the state by two more months than previously.

Since April this year, the prices of finished petrol products have continued to rise, putting pressure on petrol retailers. Retail businesses have been permitted to increase petrol prices seven times so far.

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