Vietnam Loosens Control on Petrol Retail Price

Vietnam loosens control on petrol retail price

HANOI, Sept. 17 (Xinhua) — Vietnamese Ministry of Finance has decided to authorize petrol distributors and producers to set their own prices in line with market forces, Vietnam News reported on Wednesday.

Previously, the government set petrol and oil prices to limit sharp rises. “Amid a continuous decrease in world oil prices since the beginning of September, it is appropriate to let petrol businesses set retail prices in accordance with the market mechanism,” said Finance Minister Tran Xuan Ha.

Under a decision issued by the ministry on Tuesday, petrol firms can base their prices on import charges, tax rates and other costs to make a reasonable profit.

Before implementing this price, they must register it with the Finance Ministry and Industry and Trade Ministry.

The two ministries can ask companies to reconsider their decision if they believe the price change is unreasonable.

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