The Ministry of Finance and the Ministry of Industry and Trade have just announced changes to retail gasoline prices in the new adjustment period. The new prices will be applied from 3:00 p.m. today.
Specifically, the price of E5 RON 92 gasoline increased by VND250/liter, to VND22,610/liter; RON 95 gasoline increased by VND416/liter, to VND23,930/liter. Thus, gasoline prices have increased for two consecutive sessions.
Meanwhile, diesel price decreased by 549 VND/liter, down to 21,940 VND/liter; kerosene decreased by 448 VND/liter, down to 22,305 VND/liter; fuel oil decreased by 373 VND/kg, down to 16,240 VND/kg.
In this management period, the joint ministries continue not to set aside and not spend the price stabilization fund for all types of gasoline and oil.
Recently, the Ministry of Industry and Trade submitted to the Government a draft Decree amending Decree 95 and Decree 83 on petroleum trading. Regarding the management of petroleum prices, the Ministry proposed the first option of maintaining the current regulations, but reviewing some actual costs incurred, amending regulations on methods and frequency of determining costs to ensure accuracy, completeness and timeliness for businesses.
The second option is to amend the formula and method of announcing the base price in the direction that the State only announces the price components. The main enterprises will base on their actual costs to determine and announce the retail price themselves, then report to the Ministry of Finance and the Ministry of Industry and Trade for supervision.
Based on comments from several units, the Ministry of Industry and Trade believes that the current method of managing gasoline prices has many advantages. However, the time for reviewing and announcing costs included in gasoline prices is proposed to be shortened from 6 months to 3 months. At the same time, the price management period will be shortened from 10 days to 7 days, fixed on Thursdays every week.
According to the Ministry of Industry and Trade, reducing the time for price management will ensure that gasoline prices are more closely aligned with developments in the world market. The management, including on holidays, is aimed at avoiding large price fluctuations that could affect the interests of consumers or businesses trading in this product.
However, the disadvantage of this option is that the time to import gasoline from abroad to Vietnam (from the time of placing the order to when it arrives at the port) is about 10-15 days, so when the market is unstable in an unfavorable direction, businesses will be affected.
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