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Trade minister proposes shortening fuel price adjustment cycle to 5 days

By Anh Minh   November 5, 2022 | 05:44 am PT
Trade minister proposes shortening fuel price adjustment cycle to 5 days
An employee operates a gasoline pump in Ho Chi Minh City on October 11, 2022. Photo by VnExpress/Thanh Tung
The Ministry of Industry and Trade would propose to half the gap between gasoline price adjustments from 10 to five days to address price fluctuations, minister Nguyen Hong Dien said.

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

However, many National Assembly lawmakers said the cycle is no longer suitable as it leaves domestic prices up to 20 days outdated compared to global prices, which have been unstable.

Many residents in HCMC and the Mekong Delta have had difficulties buying gasoline as stations were shut, and one reason was they were suffering losses from price differences.

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

In Vietnam, there are 36 suppliers who either import gasoline from other countries or source from the two domestic refineries Dung Quat and Nghi Son, 500 distributors, and 17,000 gas stations.

 
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