Minister refutes fuel price rise rumours

Minister of Industry and Trade Vu Huy Hoang has denied rumours that an additional increase in petrol prices was imminent, prompting many people throughout the country to buy petrol for reserve.

The ministry had instructed provincial departments of industry and trade to work with local authorities to determine the sources of the rumour and appropriately punish those began to circulate it, Hoang said.

Global oil prices had been increasing dramatically and were having an impact on the country's economy, so the Prime Minister had issued a decision requiring efforts to curb inflation and ensure social security, he added.

However, he reaffirmed that domestic petrol prices would continue to be set according to market prices to ensure supply and demand.

Measures to maintain stable production at the Dung Quat Oil Refinery, as well as ensuring sufficient supplies of foreign currency for petrol importers, were key, Hoang said.

A representative from the Dung Quat facility said that the refinery resumed production at 100 percent of capacity on Tuesday and was expected to produce 430,000 tonnes of petroleum products this month to supply the domestic market.

Source: Vietnam News Agency

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