Government gives oil companies more power to fix retail prices

A gas station in HCMC. A new finance ministry's circular permits oil companies to hike retail prices in line with international prices if the gasoline subsidy fund runs out of money. (Photo: Lao Dong)

If the gasoline price stabilization fund does not have enough money to subsidize fuel companies, they can hike prices in case of a surge in global oil prices, the Ministry of Finance has said in a new circular.

Before putting up prices, however, they need to register with authorized agencies.

The hikes are not limited to VND500 a liter, as stipulated now.

But if fund has enough resources, companies will remain bound by the VND500 rule.

By Ng.Quang – Translated by H.Mien

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