In this situation, the government will help by using taxes and rules.

The Ministry of Industry and Trade is asking for feedback on a new rule for fuel businesses. One important part is to give businesses more freedom to set prices.

Under the new rule, the government will not say what the base price is every week. Instead, big fuel companies will set and announce their own prices based on a formula.

After changing prices, companies must tell the government what they did so it can watch and make sure everything is fair.

In remote areas, fuel sellers cannot charge more than the highest price in that area to help people.

A government official said that if companies can set their own prices, they must also be responsible and follow the rules.

The government will only give companies the information they need to set fair prices, so prices do not go up too much.

A fuel company CEO said that in many countries, businesses set their own fuel prices. In Vietnam, the government still sets base prices but is looking at changing this.

If companies can set their own prices, they can change them quickly to match the global market and be more competitive.

Companies must control their costs from start to finish to offer good prices and compete.

But if there is no control over illegal fuel and fake products, honest businesses will struggle to compete on price.

An expert said the new rule is a big change because it lets companies set fuel prices based on the market.

This means fuel prices in Vietnam will be more like global prices, showing supply and demand, stopping shortages, and improving quality.

Government help

The expert noted that the new rule still has some limits that do not let the market work fully.

By law, the government does not directly set fuel prices unless the market is very unstable.

However, the new rule says the government will decide some costs that companies use to calculate their final prices.

These costs are not changed every year based on real expenses but are tied to the Consumer Price Index.

The Consumer Price Index shows the prices of over 670 goods and services, not just fuel. The government reviews and announces these costs every three years.

The expert said this is a problem and that companies should fully control their prices for a fair market.

He said that when companies set their own prices, big changes will not happen often, especially if prices are adjusted daily.

But sometimes fuel prices might go up very high, which can affect the economy and people's lives.

In such cases, the government must step in with taxes, fees, and social policies to control prices.

Tam An