Update news petrol market
Amid the continuously fluctuating prices for oil and gasoline, Vietnam is injecting millions of US dollars into the import of these commodities while inadequacies in the domestic market have not yet been resolved.
The Ministry of Industry and Trade and Ministry of Finance will adjust gasoline prices every ten days, to help keep domestic gasoline prices in line with global fluctuations, according to industry insiders.
To foster a competitive market mechanism while remaining in control of the petroleum market, Vietnam could impose a foreign ownership cap of 35 per cent in the sector.
Deputy Prime Minister Le Van Thanh has asked the Ministry of Industry and Trade to give careful consideration to the proposal of extending the amount of foreign ownership at petrol and oil business to 35 per cent.
VietNamNet Bridge – The domestic petrol market is expected to become more competitive with many different price levels for consumers to choose under a new decree, Phan The Rue, chair of the Vietnam Petroleum Association, has said.