Based on the management of the Ministry of Industry and Trade - Ministry of Finance, businesses simultaneously adjusted gasoline prices from 3:00 p.m. today (September 5).

Accordingly, compared to 7 days ago, the price of E5 gasoline decreased by 360 VND/liter, the selling price is 19,970 VND/liter. The price of RON 95 gasoline decreased by 280 VND/liter, the selling price is 20,820 VND/liter.

Similarly, diesel price was also adjusted down by 380 VND/liter, selling price is 18,090 VND/liter.

In this operating period, the management agency continues not to allocate or spend the Price Stabilization Fund for petroleum products.

Currently, the petroleum price stabilization fund of some key enterprises has recorded a large positive level because in many recent management periods, the fund has not been used.

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Gasoline prices have been adjusted down. Photo: Minh Hien

As of September 4, Petrolimex recorded a positive fund balance of VND3,079 billion; Saigon Petro had a positive balance of VND328 billion; Petimex had a positive balance of VND460 billion; PV Oil had a negative balance of more than VND138 billion...

In the recent draft decree on petroleum trading, the Ministry of Industry and Trade proposed prohibiting traders from distributing and trading petroleum with each other.

The Ministry of Industry and Trade is concerned that if traders are allowed to distribute and trade gasoline among themselves, it will lead to round-trip trading through many intermediary levels, pushing gasoline prices up.

Meanwhile, there are also concerns that allowing traders to distribute each other's gasoline will cause them to lose control over the gasoline supply...

The Ministry of Justice also pointed out the shortcomings of this draft decree when it stipulates that petroleum distributors are not allowed to buy and sell petroleum to each other.

"The above limitation will in principle limit the choice of gasoline supply sources for gasoline distributors, which may not be consistent with the State's policy on competition in Clause 2, Article 6 of the 2018 Competition Law," the Ministry of Justice commented.