Local retail petrol prices surge

A weird way to fuel budget The Saigon Times Daily There seems to be a good reason when the Ministry of Finance last week put forth a draft law on environmental protection with an intention to impose a tax as high as VND8,000 per liter of petrol consumed, compared to the current ceiling of VND4,000 per liter. The excuse may be perceived that the environment has been worsening alongside economic growth, so there must be higher revenue to finance curative measures for the sake of sustainable development. The current petrol price has already stood high, at some VND18,000 per liter, in which taxes and fees account for nearly 40%. This high price partially explains why the transport cost in Vietnam is less competitive than the regional level. Any petrol price hike normally triggers outcries from businesses and the public, since petrol is an essential commodity for economic activities as well as for sustaining the people’s livelihood. Nonetheless, the Finance Ministry now wants to earn more, in the name of environmental protection. But, data from the Finance Ministry shows that environment taxes and fees have not been used for the right cause. The total revenue from environment taxes and fees has multiplied lately, but expenses for the environment have barely increased. In 2012, this revenue totaled VND11.16 trillion, but the sum for the environment was only VND9 trillion, Tuoi Tre quotes the ministry’s data. In 2015, the revenue shot up to over VND27 trillion – as the environment fee on petrol…... [read more]

Raising petrol prices is no novelty as the Government has taken a number of measures to control its negative impacts. Businesses and people as a whole will have to practise thrift and consider it vital to save fuel in both production and daily consumption. Fishing in troubled waters In the past three days, the prices of many goods and services in Hanoi have begun to go up slightly. At Mo Market, the price of ten duck eggs is now VND2,000 higher than before while fish of all sorts have risen by VND5,000-7,000 per kilogram. Mr Khoa, owner of the Red Lantern Restaurant says he will have to raise the price for each dish by at least 10 percent. Motorbike and car taxi services show sharp increases of around VND1,000-1,500 and VND1,500-2,000 per kilometer respectively for a long drive out of town while a short one costs somewhere between VND50,000- 100,000 on average. Nguyen Manh Hung, chairman of the Vietnam Automobile Transport Association says petrol costs used to account for half of all total expenses but now they make up more than 60 percent. Therefore, in the near future, transport companies will meet to discuss a suitable adjustment of 15 percent to transport charges. Saving Thu Huong, a resident in Hoang Cau Street has decided to travel by bus instead of using her scooter. She says she can save tens of thousands of Vietnam dong. Mrs Dung, wife of a rich man on the same street, who goes shopping almost everyday…... [read more]

Three preliminary statistics were released by the Hanoi Statistics Department. Almost all of the 10 commodity and service items used to calculate the city’s CPI, increased with food and beverages climbing the most, by up to 18.52 percent. Six commodity and service items experienced a price hike of between 1.18 and 2.84 percent. In June, only postal and telecommunications services saw a decline down by 2.5 percent. Gold prices jumped by 5.78 percent against last month, while the price of the US dollar against the dong rose by only 0.09 percent. Economists said that the rate of price increases for most commodities and services, except for food and foodstuff, in the first six months of the year had slowed down. The surge in the price of food and foodstuff was attributed to a hike in the price of feed and unfavourable weather. The price of most commodities and services has remained unchanged after last week’s petrol price hike but the price of construction materials has surged. Construction material traders said the price for steel, brick and stone has increased over the last week. The steel price has surged by VND500-1,000 per kilogram, and the price of bricks by VND100 per unit. A saleswomen for the Duy Thuan Steel Trading Company in Minh Khai Street said the retail price of a kilogram of steel is likely to increase more by roughly VND300 next week. For a cubic metre of stone used to mix concrete, customers now have to pay VND27,000 more,…... [read more]

The CPI over the past eight months rose by 8.31 percent compared to the same period last year, (by 0.35 percent in April, 0.44 percent in May, 0.55 percent in June and 0.52 percent in July). Economic experts say that two of the reasons pushing up CPI in August are a rise in petrol prices and preparations for the new school year. Nine out of ten key products rose by 0.11-1.31 percent in August. Top of the list is transportation and postal services at 1.31 percent due to petrol price hikes, closely followed by houses and construction materials at 0.93 percent. To prepare for the new school year, some products increased slightly, such as garments and footwear up 0.52 percent and books and school materials up 0.15 percent. However, food and services slid by 0.08 percent, with food alone falling by 0.42 percent. The two cities of Hanoi and Ho Chi Minh City saw a smaller rise with Ho Chi Minh City climbing by 0.22 percent, lower than the country’s average. In August, the price of the US$ also rose by 0.13 percent compared to July, making the US$, by 6.36 percent compared to December 2008 and 9.02 percent compared to the same period last year. Similarly the price of gold rose by 1.75 percent in August, an eight-month rise of 26.08 percent compared to December of 2008 and 9.44 percent compared to the same period last year. The General Office of Statistics says that September will witness important events,…... [read more]

Statistics released by the GSO on March 24 show that the March CPI for the whole country went up 0.16 percent over February, which is considerably less than 2.17 percent in March 2011 and 0.75 percent in March 2010. GSO Deputy Director General Tran Thi Hang attributed the low CPI increase to falling food prices. Hang also explained that the 10 percent rise in petrol prices did not contribute significantly to the March CPI as this strategic commodity did not make up a major portion of the consumer ‘basket’. However, she said the petrol price hike, effective as of March 7 may affect the CPI in the following month. The domestic market watchdog had predicted the March CPI would rise 0.4-0.5 percent, given the rises in petrol, oil, and gas prices, as well as prices of other commodities. Independent economists had put that figure at about 0.8-1 percent. A number of analysts hold that the low CPI will pave the way for a proposed increase in electricity prices in the coming months. CPI up 0.2-0.4 pct in March Hanoi’s CPI increases by 0.19 percent in March... [read more]

Viet Nam News Soon, it will once again be time for Tết. As the holiday draws closer, there are fears that prices will rise. This is because the price of petrol has gone up. Almost everything needs to be transported to where it is sold, so if the price of petrol goes up, a rise in the price of other things usually follows. HÀ NỘI - The year's biggest petrol price hike of nearly VNĐ1,000 (4.5 cents) early last week, coupled with unfavourable weather conditions, have triggered worries of price hikes of transportation and goods ahead of the Lunar New Year celebration (Tết). The traditional holiday will fall on the last week-end of January and shopping demand is already on the rise by around 10 per cent compared to other months. Preparations have been made to meet the rising demand for goods and services, stabilise prices and prevent price increases. Still, experts forecast that prices, especially of essential goods, will rise starting next week. According to Vũ Vinh Phú, President of the Hà Nội Supermarket Association, petrol price hikes would definitely affect other prices, but it would normally take around 15 days to see the impact. Phú forecast that prices of goods and services would be pushed up by around 5-7 per cent. However, just a modest part of the increases was caused by petrol price hikes. In local markets, products such as meat, fruits and vegetables have already registered price increases of 10 to 50 per cent. A trader…... [read more]

Viet Nam News HÀ NỘI - The year's biggest petrol price hike of nearly VNĐ1,000 (4.5 cents) early last week, coupled with unfavourable weather conditions, have triggered worries of price hikes of transportation and goods ahead of the Lunar New Year celebration (Tết). The traditional holiday will fall on the last end-week of January and shopping demand is already on the rise by around 10 per cent compared to other months. Preparations have been made to meet the rising demand for goods and services, stabilise prices and prevent price increases. Still, experts forecast that prices, especially of essential goods, will rise starting next week. According to Vũ Vinh Phú, President of the Hà Nội Supermarket Association, petrol price hikes would definitely affect other prices, but it would normally take around 15 days to see the impact. Phú forecast that prices of goods and services would be pushed up by around 5-7 per cent. However, just a modest part of the increases was caused by petrol price hikes. In local markets, products such as meat, fruits and vegetables have already registered price increases of 10 to 50 per cent. A trader at Bình Điền wholesale market in HCM City said that there was a scarcity of vegetables and fruits due to unfavourable weather conditions in the central region and Đà Lạt. According to Nguyễn Văn Thanh, president of Việt Nam Automobile Transport Association, although petrol prices were hiked, transport costs are not adjusted immediately as firms need to calculate the impact.…... [read more]

Deputy Minister of Industry and Trade Ho Thi Kim Thoa yesterday worked with the HCMC People’s Committee on the city’s preparation of food, foodstuff and other necessary items for the coming Tet Holiday. At the meeting, director of the HCMC Department of Industry and Trade Pham Thanh Kien affirmed abundant goods supply for the Tet festival. The city will implement a slew of synchronous solutions to ensure supply-demand balance, food safety and hygiene and price stabilization. According to the department, purchasing power is forecast to highly increase right after the Western New Year which will come a month before the Lunar New Year. Prepared goods volume will hike about 25-45 percent compared to the last Tet Festival and exceed the city’s assigned target by 15-20 percent. The total value of goods stockpiled by businesses for two months before and after the Tet Festival will top VND17 trillion (US$750 million), 5.3 percent higher than the same period last year. Of these, VND7 trillion will be spent on subsidized commodities. The most prepared items include poultry with supply able to meet 59.6 percent of market demand, sugar 43.4 percent, chicken eggs 48 percent, processed food 38.3 percent, pork and beef 35.5 percent, cooking oil 34.5 percent and rice 33.3 percent. Beer and beverage consumption is forecast to approximate 40 million and 45 million liters per month in the Tet season, up about 30 percent over normal months. Confectionary will reach 18,000 tons. Businesses will introduce many new products with good designs and…... [read more]

The Hanoitimes - In October, the consumer price index (CPI) rose 0.83% against September and 4.09% over the same period last year, the General Statistics Office announced on October 28. According to the General Statistics Office (GSO), the consumer price index (CPI) in the first 10 months of 2016 recorded a year-on-year increase of 2.27%. In October alone, the CPI increased 0.83% against September and 4.09% over the same period last year, mainly driven by the adjustment of prices in medical services, said Director of the GSO’s Price Statistics Department Do Thi Ngoc. The rise was seen in nine out of the 11 major goods and service groups with the biggest upturn reported in medicine and health care services (10.07%), followed by transportation (2.02%), education (0.61%), housing and construction materials (0.31%), and food and catering services (0.17%). Illustrative image Two groups witnessing a price decline were culture, entertainment and tourism (0.02%) and telecommunication (0.12%). Rising school tuitions at some centrally-run cities and provinces as well as gas and petrol price hikes were also attributed to the increasing CPI, Ngoc said. In the month, the average domestic gold prices fluctuated at around VND3.545 million per tael while the VND/USD exchange rate was stable at around VND22,011 per US dollar. The core inflation (excluding food and fresh foodstuff, energy and State-controlled commodities such as health and education services) in October rose 0.07% from the previous month and 1.86% against the same period last year. The CPI in November is forecast to continue…... [read more]

Hanoi (VNA) – The consumer price index (CPI) in the first 10 months of 2016 registered a year-on-year increase of 2.27 percent, the General Statistics Office (GSO) announced on October 28. In October alone, the CPI rose 0.83 percent against September and 4.09 percent over the same period last year, mainly driven by the adjustment of prices in medical services, said Director of the GSO’s Price Statistics Department Do Thi Ngoc. Growth was seen in nine out of the 11 major goods and service groups with the biggest upturn reported in medicine and health care services (10.07 percent), followed by transportation (2.02 percent), education (0.61 percent), housing and construction materials (0.31 percent), and food and catering services (0.17 percent). Two groups experiencing a price decline were culture, entertainment and tourism (0.02 percent) and telecommunication (0.12 percent). Rising school tuitions at some centrally-run cities and provinces as well as gas and petrol price hikes were also attributed to the increasing CPI, Ngoc said. In the month, the average domestic gold prices fluctuated at around 3.545 million VND per tael while the VND/USD exchange rate was stable at around 22,011 VND per USD. The core inflation (excluding food and fresh foodstuff, energy and State-controlled commodities such as health and education services) in October climbed 0.07 percent from the previous month and 1.86 percent against the same period last year. The CPI in November is forecast to continue increasing due to price hikes in health services, oil and petrol, and food.-VNA... [read more]




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