Trade Minister proposes to shorten fuel price adjustment cycle to 5 days

By Anh Minh November 5, 2022 | 05:44 PT

An employee operates a gas pump in Ho Chi Minh City on October 11, 2022. Photo by VnExpress/Thanh Tung

The Ministry of Industry and Commerce would propose halving the gap between gasoline price adjustments from 10 to five days to deal with price fluctuations, Minister Nguyen Hong Dien said.

Currently, Vietnamese authorities generally adjust retail fuel prices every 10 days, based on the average prices of the previous 10 days.

However, many National Assembly lawmakers have said the cycle is no longer suitable because it leaves domestic prices 20 days behind world prices, which are unstable.

Many people in HCMC and the Mekong Delta found it difficult to buy gasoline as the stations were closed, and one of the reasons was that they suffered losses due to price differences.

He said the ministry would seek government approval to narrow the gap between gasoline price adjustments to five days or even daily if it gets broad public support.

In Vietnam, 36 suppliers import gasoline from other countries or obtain supplies from the two national refineries Dung Quat and Nghi Son, 500 distributors and 17,000 service stations.

Eleanor C. William