Hanoi recorded a slight increase in the consumer price index (CPI) in May compared to the previous month, the municipal Statistics Office said, but it did not provide the exact figure.
E5 petrol producers and distributors need more State support to sell the product on the local market due to the numerous difficulties they face, the Vietnam Petroleum Association said.
Petrol price increases in April contributed to the 0.32 percent rise in Hanoi’s consumer price index (CPI) month on month, the municipal statistics office said on April 25.
Prime Minister Nguyen Tan Dung has approved calculation of petroleum import tax based on weighted average of the tariffs, taking into account Most Favoured Nation status and Free Trade Agreement.
Many taxi firms registered lower fares after Deputy Minister of Transport Nguyen Hong Truong urged them to do so on February 22 following recent drops in petrol prices.
The February consumer price index (CPI) inched up 0.42 percent month on month and 1.27 percent year on year, mainly driven by high food demand during the Lunar New Year (Tet) holiday.
Companies providing transport services with automobiles must further slash fares following the recent drop in petrol prices this month, Deputy Minister of Transport Nguyen Hong Truong urged.
Taxi firms in the capital city are likely to slash fares after domestic petrol prices plunged to a seven-year low on February 18, but any cut would take time to implement.
The prices of RON 92 petrol and E5 bio-fuel were reduced by 961 VND and 942 VND per litre respectively, as of 3 pm on February 18, the fourth consecutive cut since the beginning of 2016.
Retail petrol prices continue to fall by as much as 729 VND per litre as of from 3 pm on February 3, the third consecutive reduction since the beginning of 2016.
The national fuel price stabilisation fund had over 3.97 trillion VND (180.4 million USD) as of December 31, 2015, according to the Finance Ministry on February 2.
Following falling petrol prices since early 2015 and requests for lower transport fares, many transport enterprises in Hanoi started reducing fares with an average rate of 7 percent.
Ministry of Transport will require transportation businesses to slash transport fees within five days of the fuel price reduction, a senior official from the ministry said.
Business
