At the press conference of Government in March 6th, afternoon, Vice Minister of Ministry of Finance – Mrs Vu Thi Mai said that in recent two months, price of import petrol products has risen to the highest level in years, expecially gasoline products. Without support any mount of money from stabilization fund, basic price of gasoline is VND2,000 a liter higher than retail price. Beside that retail price of gasoline in domestic market also is less than VND6,000-8,000 a liter compare to retail price in other countries in region.

According to Ms Mai, Ministry of Finance and Ministry of Industry and Trade are operating price fuel in accordance with Decree 84-CP, using tax and Stabilization Fund tools to intervene the market. After a long time, if basic price still is higher than current price, Ministries’ management agencies will adjust price to appropriate level.

Currently, import tax rates have adjusted to 0% for gasoline and 3% for oil. Ministry of Finance also permit major distributors to drawn amount of money from Stabilization Fund include VND1,400 a liter for gasoline and VND1,300 a liter for oil, but Stabilization Fund is negative now as reported by distributors.

Since early March, gas stations in over country have closed their businesses or reduce times of sales and hoarding in order to wait for price increasing.

Government’s Prime Minister has order Ministry of Finance and Ministry of Industry and Trade to implement seriously the opertaion of fuel in accordance with Decree 84. Simultaneously, Ministry of Industry and Trade has to consider, strictly deal with the phenomenon of hoarding for waiting price increase, not only fuel but also for other items that are affecting on people's lives.

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