Prices to edge up on higher fuel costs

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SaigonTimes English - 34 month(s) ago 5 readings

HCMC – Goods producers and suppliers have announced to adjust up their prices following the 10% fuel retail price increases, but the planned hikes are limited given the current dampened consumer demand.

Prices to edge up on higher fuel costs

By Minh Tam - The Saigon Times Daily

HCMC – Goods producers and suppliers have announced to adjust up their prices following the 10% fuel retail price increases, but the planned hikes are limited given the current dampened consumer demand.

Representatives of several supermarket chains confirmed to the Daily about the forthcoming price rises of some items. There is a 5% increase in prices of cosmetic products, processed food and beverages at Citimart.

Similarly, Nguyen Thi Anh Hong, managing director of Maximark supermarket chain, reported 5-7% price increases of some items due to the fuel price hikes and rising material costs.

The higher fuel prices are sending production and transport costs soaring, according to Huynh Huu Tuan, manager of Citimart Chu Van An.

However, retailers insist the price increases will not apply across the board. “At present, there are a handful of suppliers who propose a price hike,” Hong of Maximark said.

“They (suppliers) told us they were unwilling to increase prices for fear that sales would fall. As of now, prices must be revised up but they are making huge efforts to retain the current levels to maintain sales amid a gloomy economic outlook,” she added.

With proposals for a upward price adjustment from suppliers, retailers said they could negotiate to extend the term of the newly-announced list price or propose promotion programs in an attempt to keep consumers happy.

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