The ministries of Industry and Trade, and Finance have asked fuelenterprises to keep retail petrol prices stable during the Tet (LunarNew Year) holidays.

The order was issued in view of the "complicated" global oil price fluctuations.

The Deputy Minister of Industry and Trade Do Thang Hai said he hassent express despatches to notify key dealers about the request. Anyother changes can only be made, based on the directives of theauthorities.

The companies have also been tasked withassuring that adequate petrol reserves and supply in terms of bothvolumes and types of fuel are maintained.

Theministries had set the new caps for retail petrol prices on February 5.Retail prices for petrol have been cut twice this year in the context ofglobal oil prices experiencing continuing declines.

The Government has asked the ministries to closely monitor thefluctuations in crude oil prices in the global market and to adopttimely measures for determining import taxes and retail fuel prices.

This is needed to harmonise the interests of the Government,enterprises and consumers, as well as help maintain macro-economicstability, it said.

ANZ Bank economists said in arecent report that the correction in international prices of oil willhave a marginal net impact on Vietnam, which is both an exporter ofcrude oil and an importer of refined products.
 
But they pointedout that Vietnam's oil consumption has risen sharply, and that theprojected oil shortage in the country requires continued investment indownstream projects in spite of lower oil prices.-VNA