Gold, dollar prices move up on fuel price hike news By Thuy Trieu - The Saigon Times Daily HCMC – The prices of gold and the U.S. dollar on the unofficial market increased substantially yesterday following the announcement of petrol price hikes in the morning, despite assurance from the central bank that dollar supply was stable. The price of the greenback rocketed to around VND17,500 on selling and VND16,800 on buying, increasing VND720 from the previous day, mainly due to psychological factors. The State Bank of Vietnam on its website yesterday issued warnings, saying residents should not rush to buy dollars to avoid losses which were incurred when the dollar price hit a feverish VND19,500 per dollar on the unofficial market and then fell to below VND17,000. The central bank said after the fuel prices were increased yesterday, speculators had pushed the dollar price on the unofficial market to over VND17,000 per dollar. The U.S. dollar on the unofficial market last weekend … [Read more...] about Gold, dollar prices move up on fuel price hike news
Fuel price hike
Fuel price hike to drive inflation higher
The sudden increase of fuel prices in Vietnam will certainly neutralize the government's recent efforts to rein in double-digit inflation. Monday's hike by fuel traders has left many, including market analysts, dumbstruck. For one reason, the increases were very steep, especially for diesel oil and gasoline. And the leap in the retail price was announced as the global oil price cooled to US$99.5 a barrel from a high of more than $100 a barrel. The timing of the announcement must be further questioned as the increase will certainly fuel inflation, which in January increased by 2.38 percent compared with December and by 14.11 percent year on year. … [Read more...] about Fuel price hike to drive inflation higher
Vietnamese finance minister says fuel price hike ‘acceptable’
In an interview with Thanh Nien Daily, Vietnam's Finance Minister Nguyen Sinh Hung talks about the possible impact of the latest rise in retail fuel costs. Vietnam raised fuel prices Wednesday by up to 15% to cope with sky-high global prices. Speaking spoke about the rise - the third in a few months - with a Thanh Nien reporter, Minister Hung called the new price levels "acceptable". Below is a full transcript of his interview: Q: World crude prices have slipped from record highs in the last three days and settled at around US$63 per barrel. Why did the finance and trade ministries not keep a watch on global prices before putting up domestic prices? If global prices continue to decline, will the ministries reduce prices to previous levels? A: The new levels were set considering world prices went over US$60 per barrel while the old prices corresponded to above $50 levels. If global prices continue to range between $60 and $65 per barrel, then the new levels are acceptable. Q: … [Read more...] about Vietnamese finance minister says fuel price hike ‘acceptable’
Vietnam fuel price hike hits production costs
Vietnam's sharp fuel price increase will push up production costs in its key agricultural and fishing sectors by as much as 10 percent, a senior government official was quoted on Friday as saying. Deputy Finance Minister Tran Van Ta said deep-sea fishing costs would be the hardest hit, the Vietnam Economic Times newspaper reported, rising more than 10 percent, while the production of various raw materials would also rise by 1.07 to 5.6 percent. Overall, production costs in the country could rise between 0.11 percent and 10.82 percent, Ta said. … [Read more...] about Vietnam fuel price hike hits production costs
Fishermen defy fuel price hike, co-operate for profitable catch
Fishermen defy fuel price hike, co-operate for profitable catch (25-08-2006) DA NANG — Following rising fuel prices, fishermen in the central coastal province of Quang Nam and the city of Da Nang have started fishing in groups, pooling money and resources, to cut fuel costs and reap profits. … [Read more...] about Fishermen defy fuel price hike, co-operate for profitable catch