People buy petrol at a station in Ha Noi. Domestic fuel retail prices will not be reduced despite a fall in global prices. — VNA/VNS Photo Danh Lam

HA NOI (Biz Hub)— Domestic fuel retail prices would remain unchanged despite decreasing global prices, said Vo Van Quyen, head of the Ministry of Industry and Trade (MoIT)'s Domestic Market Department.

Speaking at a press conference in Ha Noi on Monday, Quyen said the drop in global prices was not enough for local fuel traders to reduce retail prices.

He said the ministry would always lower prices if there was the opportunity to do so, and try to keep rates steady if the global price rose.

He added that the ministry would ensure local prices followed the global market while curbing inflation.

He said the amended Decree No 84/2009/ND-CP on petrol trading was drafted to make the market more transparent while controlling and enhancing competitiveness.

The Finance Ministry said that 70 per cent of petrol in the local market was imported, so retail prices depended heavily on global fluctuations.

It also said that the management of petrol prices was based on a market mechanism controlled by the Government that stabilised prices when needed using the price stabilisation fund and taxes.

Last month, crude oil productivity was estimated at 1.38 million tonnes, a decrease of 4.3 per cent from last October.

Gas productivity also fell 4.7 per cent to 0.65 billion cu.m due to falling demand. — VNS