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Saturday, July 13, 2024

Shorter fuel price review cycle proposed

The Saigon Times

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HCMC – The Ministry of Industry and Trade has proposed reviewing and adjusting fuel prices every seven days, instead of the current 10, to make it possible to align domestic and global gasoline prices.

The weekly price review would take place every Thursday, except on holidays. If the adjustment falls between the first and third days of the Lunar New Year, it would be postponed until the following day.

The ministries of Industry and Trade and Finance will jointly take temporary measures when the fuel base prices fluctuate by more than 5% between two price revisions.

Local gasoline prices are currently updated on the first, 11th and 21st days of each month based on global market changes.

According to the Ministry of Industry and Trade, the proposed pricing cycle would be maintained all year round.

The ministry previously suggested adjusting gasoline prices every five days or even daily, the local media reported.

The effort sought to solve mounting challenges caused by gasoline shortages nationwide.

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