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Ho Chi Minh City
Wednesday, November 30, 2022

HCMC proposes shortening fuel price adjustment interval

The Saigon Times

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HCMC – The HCMC People’s Committee has proposed that fuel prices be adjusted every five days, instead of every 10 days, to respond more quickly to global oil price movements.

The HCMC government said that 9-20% of 549 fuel retailers in the city had reported daily supply shortfalls since October 1. Due to losses, fuel retail businesses have refrained from placing new orders, leading to a serious fuel shortage in the city.

Given the situation, HCMC proposed that fuel prices be regulated in tandem with market movements, and shorten the interval between two fuel price adjustments to three or five days, instead of the current 10 days.

The city proposed that the prime minister task the Finance Ministry with reviewing and reassessing fuel retail and trading costs.

At the same time, ministries are recommended to raise the proportion of fuel output from imports to calculate the base prices of fuel.

Regarding solutions to support enterprises, the city proposed the prime minister review and extend the tax payment deadline for fuel suppliers during a certain period, as a number of businesses have big tax arrears.

According to Minister of Industry and Trade Nguyen Hong Dien, the ministries will study the problem and develop a solution based on reality and progress in the market. In case a gap of 10 days was no longer suitable, five days or even every day would be chosen alternatively. Intensive consultations will be made for further study prior to the final decision of the authorities.

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