According to regulations, the frequency of retail petrol price adjustment by both the Finance Ministry and the Industry & Trade Ministry in the nation is every 10 days, on the first, eleventh, and twenty-first each month. Today is the first time in September for such an adjustment after the Independence holiday, and another increase is expected even after 5 continuous rises before that.
This might result in huge trouble for the community since on August 21, the price of RON95-III petrol reached VND24,600 per liter (US$1.022). Since the beginning of this year, this price has experienced 13 ups, 3 stable times, and only 7 downs.
Meanwhile, the Petrol Price Stabilization Fund is quite surplus. Reports from the Finance Ministry show that until July 31, the amount came to over VND7.43 trillion ($308.8 million), which is a growth of 1.8 times compared to the end of 2022. However, the fund has not been used in the last 5 adjustment rounds to help control price rise.
It is wiser to allocate this Fund to stop the consecutive increase in gas prices, as it is the main goal of establishing the Fund. Unless this Fund is used in today’s price adjustment, there will be another rise, which will deeply worry the public since September is the high time for import-export activities. Such a growth will negatively impact the prices of other commodities, and might let inflation return.
By Phuc Van – Translated by Thanh Tam