Gasoline prices drop sharply

RON 95 gasoline is sold at 19,200 VND/liter. Photo: Viet Linh.

As planned, the Ministry of Industry and Trade - Ministry of Finance adjusted retail gasoline prices periodically this afternoon (April 10).

In particular, the regulatory agency decided to reduce the retail price of E5 RON 92 gasoline by VND1,490/liter and RON 95 gasoline by VND1,710/liter. After adjustment, the maximum retail price of E5 RON 92 gasoline is VND18,880/liter and RON 95 gasoline is VND19,200/liter.

Thus, the price of RON 95 gasoline has decreased again after 3 consecutive increases. Since the beginning of the year, this fuel has increased 8 times and decreased 7 times.

Similarly, diesel prices were also reduced by VND1,230/liter to VND17,240/liter. So far, oil prices have increased 7 times and decreased 7 times.

Previously, leaders of some petroleum companies predicted that gasoline prices could drop sharply in today's operating period. Currently, gasoline discounts at many depots are fluctuating around 2,200-2,800 VND/liter.

In this management period, the joint ministries still maintain no deductions or expenditures from the Petroleum Price Stabilization Fund.

Data from the Ministry of Finance shows that the balance of the Petroleum Price Stabilization Fund as of the end of the second quarter of 2024 was VND6,061 billion, down only VND18 billion compared to the previous quarter. However, compared to the end of 2023, the fund's size has decreased by nearly VND600 billion.

Of which, the balance at Vietnam National Petroleum Group ( Petrolimex ) accounts for more than half, at nearly 3,079 billion VND.

Some key enterprises and petroleum distributors also recorded large positive balances in the Price Stabilization Fund, such as Ho Chi Minh City Petroleum Company Limited (Saigon Petro) with 328 billion VND; Military Petroleum Corporation Limited Company (Mipec) with nearly 300 billion VND; Dong Thap Petroleum Trading Joint Stock Company with a positive balance of 460 billion VND.

Recently, the Ministry of Industry and Trade has issued a circular amending, supplementing and abolishing a number of regulations in the circulars regulating petroleum trading. This is to conform to the management practices and petroleum trading activities in Vietnam.

Notably, this circular abolishes regulations on interdisciplinary teams to manage gasoline prices, regulations on methods for calculating base prices, mechanisms for forming, managing, and using the Price Stabilization Fund and managing gasoline prices.

At the same time, the management agency added regulations on the mechanism for managing gasoline prices. Specifically, based on data on the elements constituting the base price of gasoline according to regulations and written opinions on gasoline price management from the Ministry of Finance, the Ministry of Industry and Trade announced the base price and selling price of gasoline.

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Source: https://baotayninh.vn/gia-xang-dau-giam-sau-a188649.html