Ministry of Industry and Trade said local fuel traders had chosen the wrong
moment to raise pump prices during the Tet Lunar New Year holiday last
month, raising doubts about their motive.
price hike on February 21, the final day of the Tet holiday, was not
timely and caught local consumers off guard, the ministry said Wednesday.
ministry however rejected speculation that the increase gave fuel companies huge
December 15 last year, fuel product distributors have been allowed to raise pump
prices automatically without seeking government consent if world prices rise by
seven percent or more.
Traders last month increased gasoline prices by VND590 per liter, saying they
suffered losses due to higher import prices. It was the second hike in as many
official Military Petroleum Company was quoted by local news website
VnExpress as saying that all the price hikes this year were legitimate.
Petrolimex, the country's largest oil product importer, said Wednesday that
after the hike local traders only received small profits of VND100 per liter.