“A proposal of monthly gasoline price adjustment has been under careful consideration by Ministry of Trade and Ministry of Finance before submitting to the Prime Minister for approval” said Mr Hoang Tho Xuan, Director of Domestic Market Policy Department (Ministry of Trade).

This proposal has been made by the two ministries due to the current world oil price volatility.

According to this proposal, the energy policy-making body will rely on the average import price in the current month and the latest import price to allow oil trading companies to set a new wholesale and retail price for the following month.

This is a preparatory step before allowing oil trading companies to fully decide its pump prices in line with the market situation, applying the price range of +/-10% regulated in oil product price controlling mechanism by the Prime Minister, Mr Xuan said.

In a report from Ministry of Finance, the above proposal of gasoline price adjustment will stabilize the oil product tax policy to avoid being constantly readjusted whenever the world oil price rises or falls.