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PM asks for publicity, transparency in fuel price adjustment

Prime Minister Nguyen Tan Dung had a working with leading officials of the Ministries of Finance, and Industry and Trade on July 15 in Hanoi, asking them to make public on how they fix retail prices of petroleum.
Prime Minister Nguyen Tan Dung had a working with leading officials ofthe Ministries of Finance, and Industry and Trade on July 15 in Hanoi,asking them to make public on how they fix retail prices of petroleum.

ThePM also asked the two ministries to explain developments and prices ofthe global fuel, price management measures and the use of petroleumprice stabilising fund as well as profits of businesses.

Accordingto the two ministries, over the past six months, the world’s fuel priceis fluctuating. In face of the developments, the two ministriescoordinated to adjust the domestic price in a flexible manner in linewith the market mechanism and use financial tools to keep price fromhiking.

Since early this year, the two ministries have permittedpetrol businesses to adjust retail price 10 times based on the world’sprices.

At the meeting, PM Dung agreed that the price managementwas implemented in line with the Government’s decree and use of the fundwas public and transparent.

The Government leader urged to thetwo ministries to closely watch the global price while taking measuresin case of sudden price hike in the world market.

He asked forthe strict implementation of price management principles with the aim ofsupplying sufficient petroleum for production and consumption, thuscontributing to curbing inflation, maintaining macro-economic stability,and preventing cross-border fuel smuggling.-VNA
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