The goal of maintaining inflation at 4% this year will be threatened unless viable solutions are introduced in a bid to rein in rapidly-increasing petrol prices, according to economic experts.

Enterprises in charge of importing petrol and oil will be strictly punished, and could even be suspended from operating, if found to be illegally holding petrol and oil to sell at a higher price later.

Skyrocketing prices of petrol and coal in recent days have put great pressure on businesses whose inputs are mainly these products.

Increasing petrol prices caused by the Russia-Ukraine conflict have forced residents in major cities such as Hanoi and Ho Chi Minh City to change their behaviour in order to adapt to the new situation.

The Ministry of Industry and Trade (MoIT) has instructed agencies to ensure the supply of petrol amid tight supply.

On February 21, petrol prices set a new record after the Ministry of Industry and Trade and the Ministry of Finance decided to increase the price of all kinds of petrol and oil.

The Ministry of Industry and Trade will launch unannounced inspections of major oil and petroleum suppliers amid fluctuations facing the fuel supply chain.

The limited supply of fuel from NghiSon, the biggest refinery in Vietnam, is not causing the current petroleum shortage in the market, analysts say.

To force petrol prices down, the Government needs to cut the environmental protection tax rate, which is at the ceiling level.

The Ministry of Industry and Trade has sent the Government a draft decree amending and supplementing certain articles of Decree 83/2014 on petrol and oil trading, proposing allowing foreign investors to enter the country’s fuel retail market.

The HCM City Department of Industry and Trade has assured there is an adequate supply of petroleum products to meet demand and it will prevent any hoarding of these goods.

While global oil supplies in 2019 were vulnerable, the fluctuations have not affected long-term petrol prices, yet business plans for some in the market in 2020 remain complicated.

 VietNamNet Bridge – Economic expert Ngo Tri Long spoke with Kinh te&Do thi (Economic and Urban) newspaper about transport firms who are always quick to increase their fares, but slow to let them fall again.

 VietNamNet Bridge – Petroleum prices in Viet Nam are lower than those in its neighbouring countries like Laos, Cambodia, and even China, according to the Ministry of Industry and Trade (MoIT).

 VietNamNet Bridge – Though petrol prices have plummeted since July, with the popular A92 petrol price down by over 30 per cent, transport tariffs have barely fallen.

 The national retail petrol prices yesterday were slashed by VND2,058 (US$0.09) per litre, the Viet Nam National Petroleum Group (Petrolimex) said.

 VietNamNet Bridge – The sharp falls in oil prices have not benefited the national economy, with the exception of Petrolimex, the petroleum importer and distributor.

Projects on Ly Son island prioritised; Retail petrol prices expected to fall further; Vietnam invests 19.1 billion USD abroad; Garment industry faces shortage in skilled workers; HCMC to become top garment, textile service center

 Ministry requires petrol prices cut on world downward trend; Vietnam enjoys US$1.26 bln Jan-Jul trade surplus; RoK – a leading foreign investor in Vietnam; Samsung Thai Nguyen rakes in US$2 billion from exports

 VietNamNet Bridge – Vietnam continues to sell its high-quality crude oil at high prices and buy crude oil cheaply from other countries for its domestic refinery.