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HCMC wants gasoline prices adjusted every few days

By Thu Hang   November 21, 2022 | 11:42 pm PT
HCMC wants gasoline prices adjusted every few days
An employee pumps gasoline into a motorbike in Thu Duc City in October 2022. Photo by VnExpress/Thanh Tung
HCMC wants petroleum prices adjusted every three to five days instead of the current 10 to resolve the recent supply issues, and has written to the Prime Minister's Office.

The prices are now adjusted on the first, 11th and 21st of each month, and so do closely track global trends.

Since October some 9-20% of filling stations in the city have been out of stocks daily, with many not buying saying the government-mandated retail prices cause them losses.

Minister of Industry and Trade Nguyen Hong Dien told the National Assembly earlier this month he would propose to the government to reduce the gap between price adjustments to five days or even do it daily if the public wants it.

Prime Minister Pham Minh Chinh too spoke about similar action last month to allow more flexible management.

HCMC also said in its proposal that the cost of transporting fuel to consumers needs to be reconsidered since global rates have been rising.

Vietnam depends on the international market for around a third of its fuel requirements and global inflation has been rising, and it should be reflected in retail prices, it said.

It wanted retailers to get a commission of at least VND500 ($0.02) per liter to ensure they remain in operation.

There are 549 gas stations in the city.

Vietnam has been going through a fuel distribution headache in recent weeks amid the retailers’ complaints.

The situation seems to have improved in recent days with queues becoming shorter at most filling stations in HCMC and Hanoi.

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