Wed, 06 Dec 2023

HANOI, Oct. 3 (Xinhua) -- The appropriate use of a stabilization fund is important to restrain increases in petroleum price and reduce its impacts on Vietnam's socio-economic development, Vietnam News reported Tuesday, citing the Ministry of Industry and Trade.

The ministry said that in order to restrain increases in petrol price, it proposed solutions to the prime minister, including the efficient use of the stabilization fund.

Petrol prices are forecast to continue to increase toward the end of the year due to moves by major world producers to tighten supply.

Petrol prices have been raised 16 times since the beginning of this year, with a total increase of 3,500 Vietnamese dong (0.14 U.S. dollars) per liter. The latest increase was on Sept. 21, which brought petrol price to nearly 26,000 dong (1.07 dollars) per liter.

The stabilization fund is used when increases in petrol prices are above 7 percent, according to the ministry.

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