>> Fears of inflation stirred by latest petrol price hike
>> Government approves power price hike of 15.28%
The Ministry of Finance plans to scrutinise price hikes of seven staples beginning mid-April so to prevent possible price gouging.
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| Powered prices on the rise |
The goods to be reviewed include construction steel, liquefied petroleum gas (LPG), powered milk, sugar, animal feed, cement and chemical fertiliser.
As many as 24 large firms working in those fields will be under scrutiny. The ministry will also take into account the impacts of higher electricity and petrol prices, as well as the changing currency rates.
Last year, a similar “check-up” was carried out by the ministry on 32 companies.
After the increases in prices of electricity and petroleum, prices of a wide range of goods have gone.up.
Nguyen Tien Nghi, Vice Chairman of the Vietnam Steel Association (VSA) said the recent petroleum price hike has driven up steel prices by VND80,000 (USD3.82) per tonne.
Cement production has been similarly impacted by the rise in petroleum.
According to Nguyen Van Diep, Chief of Vietnam National Cement Association’s Secretary, cement prices may be increased this month as petroleum accounts for 40% to 50% of the cost of cement production.
Since the beginning of March, prices on a wide range of power milk products have been increased by 6% or more. Some products have gone up by 17% or 20%.
Between March 26 and April 1, natural gas traders in Vietnam had raised their prices twice, bringing the prices to VND348,000 (USD16.44) per 12-kg tank.