2:38:55 PM | 26/12/2007
Vietnam is considering a gasoline stabilization fund next year to help domestic traders balance expenditures and prevent sudden fluctuations for local market, said an official of the Ministry of Industry and Trade.
When making profits, gasoline traders should contribute an amount of money to the fund, which will help compensate their losses and keep local market stable in a particular period amid the global oil price hikes, he noted.
A source from the ministry said that the traders will not adjust local retail prices simultaneous with the global variations, but will make changes in accordance with a suitable roadmap.
Petroleum prices will be adjusted once for every three months or six months, he added.
The setup plan is under the discussion by officials of the Ministry of Industry and Trade, and enterprises before being passed.
However, the plan may be infeasible as petroleum prices in Vietnam have not yet been really market-oriented, said a gasoline trading firm.
“Gasoline is of focal importance in the national economy,” said Minister of Finance Vu Van Ninh. “Wrong price management will result in goods supply-demand imbalance and will affect domestic consumption need.”
Recently, the government of Vietnam has decided to raise the retail prices of gasoline by VND1,700 per liter in the wake of the global oil price soar.
Vietnamese Prime Minister Nguyen Tan Dung has requested relevant ministries and agencies to stop to compensate losses for petroleum, and some other industrial sectors, from 2008. (VietNamNet, Laborer)
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