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.

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

According to the two ministries, over the past six months, the world’s fuel price is fluctuating. In face of the developments, the two ministries coordinated to adjust the domestic price in a flexible manner in line with the market mechanism and use financial tools to keep price from hiking.

Since early this year, the two ministries have permitted petrol businesses to adjust retail price 10 times based on the world’s prices.

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

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

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