Vietnam extends freeze on domestic oil products prices

Vietnam’s Ministry of Finance (MOF) has told domestic oil companies not to adjust oil products prices, effectively extending a freeze on retail prices. In late March, the MOF had told the companies to freeze the prices of oil products, including gasoline, diesel fuel and kerosene, until March 31, in an attempt to curb inflation. With the latest decree, it is not clear how long retail prices will be capped. While the government has extended the freeze on oil products prices, it is allowing the disbursement of VND500 billion (US$26.2 million) from the VND1,500 billion (US$80.24 million) Oil Stabilization Fund to alleviate losses incurred from gasoline sales. (April 5, 2010)