Stabilizing prices of essential consumer goods for people’s welfare till end of 2008

The Government office announced Prime Minister Nguyen Tan Dung’s directions on stabilizing prices of essential consumer goods for people’s welfare and production from now to the end of 2008.

Accordingly, a fund to stabilize prices of petroleum and oil will be established when conditions are favorable. PM asked the Ministry of Finance (MoF) to coordinate with the Ministry of Industry and Commerce (MoIC) and relevant agencies to introduce regulations and management policies for the fund.

PM also asked MoIC, MoF and the Ministry of Planning and Investment (MPI) to quickly co-establish a plan for the development of an oil and oil products reserve system by 2015 to submit to the Government for approval.

The MoF actively allocates the budget to compensate for losses from oil commodities as a regulation to lessen capital and business cost pressure on petroleum and oil importers.

MoIC was asked to remove difficulties for petroleum and oil importers to carry out storage and circulation ensure sufficient petroleum and oil to supply domestic market for any situation.

The State Bank directed commercial banks to trade foreign exchange to meet the demand of sufficient capital and foreign currency to help businesses import sufficient petroleum and oil at right progress.

PM asked to further control the market and strictly punish legal violations especially violations on import progress, reserve and circulation, prices, quality and smuggling across borders.

MoF was urged to study and inform the Government in June 2008 the expected price of petroleum and oil commodity in the upcoming time, with a focus on curbing inflation and carrying out policies to support people in difficult situations.

For other essential goods, PM continued to urge the stabilization of electricity, water prices and public bus fees from now to the end of 2008. (CPV)