Vietnam to adjust gasoline prices more frequently

Vietnam will adjust the domestic petrol and oil prices more frequently in the efforts to narrow smuggling out of Vietnam as the domestic prices of gasoline are currently sold at VND2,000/liter lower than nearby countries

Vietnam will adjust the domestic petrol and oil prices more frequently in the efforts to narrow smuggling out of Vietnam as the domestic prices of gasoline are currently sold at VND2,000/liter lower than nearby countries, Vu Huy Hoang, Minister of Industry and Trade said on a meeting.

Vietnam has raised retail prices of fuel up to nearly 35% since February on higher world prices, but still lower than a must of hike.

The fuel stabilization fund has gotten a negative figure of VND730 billion even the two recent fuel prices hike, Dam Thi Huyen, Deputy Genneral Director of P the state-owned Petrolimex, the biggest fuel distributor of Vietnam.

Petrolimex has lost VND2,630 billion in the first quarter of this year.

Earlier, Vu Van Ninh, Minister of Finance said on the recent fuel hike that the domestic retail prices of fuel will be kept up or down following the world price changes. – Stoxplus.com

Tags: Vietnam gasoline prices