Vietnam should reconsider petroleum trading mechanism

The government of Vietnam should reconsider its petroleum trading mechanism to stabilize prices of fuel, and to prevent consecutive hikes, said Le Duc Thuy, chairman of the National Financial Supervision Committee and former governor of the Central Bank. Petroleum traders have raised domestic prices three times and slashed prices twice since December after a government decree (no. 84/2009/ND-CP) allowed petroleum traders to float
domestic retail prices. Le Xuan Nghia, vice chairman of the committee, said domestic gasoline prices are 5% higher than world prices, the Tuoi tre newspaper reported. (March 5, 2010)