VINACHEM

Among the goods and services sold in Vietnam, petrol prices remain the most transparent, said Vietnam National Petroleum Group (Petrolimex) Chairman, Bui Ngoc Bao.

He made the remark at a press conference held on March 13 addressing issues surrounding the start up of the Vietnam Petroleum Association.

Although so far petrol prices in the country have been stabilised by government regulation, there is lingering public concern over the prices as the market adapts to those of the global market.

The rates for fuel on the international market remain something that is difficult to assess, he said, adding that, "However the integration with the global market place manifests itself, there will be an adjustment in prices in Vietnam."

“It is impossible to accurately predict petroleum prices. There is nobody who can say for sure what the price of a barrel of oil will cost in the future. So traders are looking to expert analysis from other sources," he said.

In addition, there are a number of loopholes that traders have learned to take advantage of, on the import and re-export of petroleum-based products. For example, some traders import petroleum, claiming that it is for re-export, with the intention of selling it domestically.

An expert from the Vietnam Petroleum Association (VINPA) said that it is important to create a level playing field to promote competition in the market. State-owned petroleum traders receive government support for their loss, but private ones do not, he added.

According to the association, the aim of Vietnam Petroleum Association is to facilitate the link between producers, traders and consumers, protect the member groups and ensure national energy security.