In an interview granted to VOV on May 11, Mr Tu said that since May 10 several newspapers, particularly online newspapers, have published news about the Ministry of Industry and Trade (MoIT)’s proposal to increase domestic petrol and oil prices. According to these newspapers, the price of A92 petrol would increase to VND15,200/litre from the current VND14,500, which prompted people in several localities, including Da Nang city, to rush out and buy petrol to stockpile.

“We have not submitted any plan to adjust petrol prices to the Prime Minister and the news is completely incorrect,” Mr Tu affirmed. “There will be no adjustments to petrol prices until June and the MoIT will continue to strictly implement the Prime Minister’s instructions on measures to stabilise market prices and curb the high inflation.”

Mr Tu said that despite the hike, oil prices have yet to exceed the benchmark that the MoIT forecast at a recent meeting between petrol businesses and the Prime Minister.