On August 10th, 2012, major distributors have simultaneously sent a proposal to Ministry of Finance on approving for price increase of fuel again.

According to proposal, major distributors need gasoline price to increase additional VND1,400 a liter, while three other fuel products rise furthur VND600-800 a liter. After three days, the price increases consider to take effect if Ministry of Finance approved or they have no respond in writing.

Major distributors excuse that the base price currently is higher than the current retail around VND700-1,300 per liter, so they decide to submit a proposal about price increase of fuel to Ministry of Finance, a second hike winthin 10 days.

Ministry of Finance, however, has responded to major distributors that they have to stay calm and comply with the calculations for average 30 days price as current regulation.

Many gas retailers in big cities have closed their business to wait for price adjustments.

Xangdau.net