Gov’t orders electricity price hike to be reviewed

Hue, who is also head of the Government’s Steering Committee for Price Management, asked the ministry to make transparent the input costs and the results of power trading and production, in line with prevailing regulations.

The retail electricity price rose by 8.36% to VND1,864 from the previous VND1,720 per kilowatt hour on March 20, according to Vietnam Electricity Group (EVN). But many consumers have complained that their electricity bills are far higher than expected.

Besides this, the Government told the ministry to adjust domestic fuel prices in accordance with developments on the global market, in combination with the use of the fuel price stabilization fund to stabilize the fuel market.

It is necessary to proactively map out a plan to cope with fuel price rises to keep inflation from soaring, the deputy prime minister noted.

Due to the electricity price hike and two hikes in fuel prices in April, the country’s consumer price index (CPI) inched up 0.31% in April.

The deputy prime minister also asked the relevant ministries and departments to closely collaborate to control inflation and keep the CPI below 4% this year and to stabilize the macroeconomy.