Facing concerns that petroleum prices increases will lead to the situation of taking advantage for a number of goods, the Ministry of Finance affirmed that they won’t let this situation happen.

Avoiding taking advantage of increasing price of goods unreasonably
when petroleum prices increase. Phpto: H.Dịu

According to the Ministry of Finance, the consumer price index (CPI) in February 2021 increased by 1.52% compared to the previous month and was the highest increase in CPI recently.

The Ministry of Finance explained that one of the reasons was the increase in petroleum prices causing more pressure on transportation services. However, the major contributor to the overall increase of the actual CPI is still the increase in market rules at the end of the lunar year, such as food prices increases in accordance with the rule that people increase shopping to prepare for Tet; some construction materials such as steel increase to meet the demand for building, some food services also increase to meet the needs of people during the holidays.

"In general, the increase in petroleum prices would have a certain indirect impact on the prices of some goods and services through transportation and freight costs, but it is all in the scenario forecasted by ministries and sectors. With the implementation of drastic measures, the situation of taking advantage of increasing petroleum prices for increasing goods prices unreasonably would not happen,” the Ministry of Finance said.

According to the Ministry of Finance, through monitoring the market situation, essential goods and services were still being monitored and updated with the developments of some goods and services with low price levels such as aviation services and foods.

In order to ensure general control of the market price level, especially to limit the impact of petroleum price increases, the Ministry of Finance has coordinated with ministries and sectors to proactively submit to the Government and the Prime Minister - Director of the Steering Committee on price management the specific price management scenarios for the key time in the first quarter as well as for the whole of 2021.

On that basis, the price management and control measures are also comprehensively implemented by ministries and sectors in order to prevent the situation of taking advantage of an increase of petroleum prices for increasing prices of goods unreasonably during the peak seasons and Lunar New Year holiday.

The work of ensuring the supply of goods is also actively implemented by localities, with various type of goods, fully meeting the needs of the people; the inspection and control of prices, taxes and fees as well as combating smuggling, counterfeiting and poor quality goods have been implemented comprehensively and effectively by competent authorities.

At the same time, focusing on communication, dissemination and transparency of price information to control inflation, limit inaccurate information, causing confusion for consumers and instability in the market.

In the future, the Ministry of Finance, ministries, sectors and localities will closely monitor market price movements, strictly implement solutions on price management and administration that have been approved by the Government and the Prime Minister - Director of Steering Committee on price management in order to continue controlling the price level, contributing to stabilising people's lives, supporting growth and macroeconomic management.