This week, retail petrol prices went up again to VND19,000. — Photo doanhnghiepvn by Thu Van In March, retail petrol prices went up by VND1,600 per liter to VND17,280-17,880, ending a series of price cuts that began in early July last year. This week, it went up again to VND19,000. Many people might have been shocked and disappointed, given the promise of Finance Minister Dinh Tien Dung when proposing a new environment tax on fuel price to the National Assembly. He had said then that the tax would not affect fuel prices since petrol import taxes would be decreased from 35 per cent to 20 per cent. His statement would have run true if world prices had stayed the same, instead of continuing to rise from US$65 to US$80 per barrel. As a net importer of oil products, Viet Nam remains a price-taker in the international petroleum market. Escalating international oil prices have often threatened the stability of oil prices in the domestic market. In response, the Government established the petroleum price stabilisation fund in 2009. It was seen as a financial tool to avoid sudden increase in prices of petroleum products, keep a lid on inflation and maintain macro-economic… Read full this story
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