Ministry of Finance asks localities to stabilize prices and cut transport fees
The Ministry of Finance has sent a document to provincial departments of finance to strengthen the prices management of essential goods, as well as ask transport firms to cut fees based upon recent petrol price decreases.
According to the document of the Finance Ministry, fuel prices have been managed flexibly under the market mechanism and during the downward trend, causing positive affects to the economy.
The retail price of RON 92 petrol was reduced by 816 VND to 19,304 VND (88 US cents) per litre on August 4. This was the fifth reduction in petrol prices this year. After five reductions, the petrol price was reduced by 3,600 VND per litre.
Besides, the central bank's move to widen the dong's trading to minimise the negative impact of China's currency devaluation would also affect imported and exported products.
The ministry said the move aimed to stabilise prices amid decreases in petrol costs.
In order to improve the prices management of goods, the Ministry of Finance asked provincial departments of finance to coordinate with other departments and agencies in advising and implementing prices management and stabilization.
Accordingly, the ministry asked relevant authorities to actively follow changes in market supply and demand, goods prices from both inside and outside the country, while collecting, analysing and implementing forecasts to take actions for stabilising prices.
Authorities were also required to strengthen inspections and monitoring of the management of prices, taxes and fees for essential goods and services, such as transport costs, milk for under six year-old children, medicines, cement, construction steel and liquified petroleum gas.
Localities should carefully review price and price constituents of goods that are directly affected by petrol prices.
Particularly, the ministry also required the departments, in cooperation with departments of transport, to ask transport firms to announce fares based upon recent petrol price decreases. Provincial authorities must assess impacts and consider the appropriate time to adjust prices of goods, avoiding the adjustment in same time in order to minimize impacts on the market price level in 2015.
The retail price of RON 92 petrol was reduced by 816 VND to 19,304 VND (88 US cents) per litre on August 4. This was the fifth reduction in petrol prices this year. After five reductions, the petrol price was reduced by 3,600 VND per litre.
Besides, the central bank's move to widen the dong's trading to minimise the negative impact of China's currency devaluation would also affect imported and exported products.
The ministry said the move aimed to stabilise prices amid decreases in petrol costs.
In order to improve the prices management of goods, the Ministry of Finance asked provincial departments of finance to coordinate with other departments and agencies in advising and implementing prices management and stabilization.
Photo for illustration
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Authorities were also required to strengthen inspections and monitoring of the management of prices, taxes and fees for essential goods and services, such as transport costs, milk for under six year-old children, medicines, cement, construction steel and liquified petroleum gas.
Localities should carefully review price and price constituents of goods that are directly affected by petrol prices.
Particularly, the ministry also required the departments, in cooperation with departments of transport, to ask transport firms to announce fares based upon recent petrol price decreases. Provincial authorities must assess impacts and consider the appropriate time to adjust prices of goods, avoiding the adjustment in same time in order to minimize impacts on the market price level in 2015.
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