As part of efforts to restrain inflation, the Finance Ministry will tighten control over market prices, strengthen inspections, and strictly punish violators of price-related regulations.
In a notice on measures to contain inflation released March 10, the ministry said it would coordinate with provinces and cities nationwide to step up the enforcement of regulations on price registration, declaration, and posting for commodities subject to the Government’s price stabilization policy.
Those commodities include cement, steel, iron, LPG, fertilizers, sugar, milk, animal feed, pharmaceuticals, and others, the ministry said.
Any infringements upon price and tax regulations, any speculation of goods, and anyone found spreading false information related to pricing issues will be strictly punished, the ministry warned.
Depending on the nature of the violation, in addition to administrative penalties, violators could also see their business registration certificates revoked, have their goods seized, and have any ill-gained profits confiscated.
Particularly for medicines, the Finance Ministry has asked the Health Ministry to strengthen its supervision of prices and businesses’ compliance with regulations related to pharmaceutical pricing.
The Finance Ministry also asked leading petrol and oil companies to regulate fuel prices according to market principles in consideration of the State’s instructions.
Such companies must closely follow developments in the world market and adjust domestic prices of petrol and oil promptly and reasonably.
However, from now until June, petrol and oil companies should extend the interval between adjustments, the ministry added.
If such actions cause deleterious impacts to businesses’ operations, companies should report the situation to the ministries of Finance, and Industry and Trade, which will then consider applying price stabilization measures.
