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 (August 22).

Accordingly, compared to 7 days ago, the price of E5 gasoline decreased by 460 VND/liter, the selling price is 20,420 VND/liter. The price of RON 95 gasoline decreased by 540 VND/liter, the selling price is 21,310 VND/liter.

Similarly, diesel price was also adjusted down by 460 VND/liter, selling price at 18,770 VND/liter.

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

gas price a 1910.jpg
Gasoline prices have been adjusted down. Photo: Nguyen Hue

According to the General Department of Market Management (Ministry of Industry and Trade), the situation of petroleum business has been relatively stable recently. Supply units and petroleum stores are still operating normally, there is no speculation, hoarding, shortage of petroleum supply, or suspension of petroleum sales without reason.

Inspecting a series of "big guys" and gasoline distributors, the Ministry of Industry and Trade has handled 247 violations in trading this essential commodity in the past 7 months.

In the 4th draft of the Decree on petroleum business that has just been completed by the Ministry of Industry and Trade, the ministry has stipulated that the balance of the Petroleum Price Stabilization Fund will be considered for transfer to the budget and the allocation and disbursement of this fund will be in accordance with the 2023 Price Law, instead of being left at the main enterprise as it is currently.

Specifically, the draft states that in the case of abnormal fluctuations in the market price of petroleum products that have a major impact on the socio-economy, production, business, and people's lives, the Ministry of Industry and Trade shall preside over and coordinate with relevant ministries and branches to assess the level of fluctuations in the petroleum price level; the level of impact on the socio-economy, production, business, and people's lives; and send a document to the Ministry of Finance to synthesize and submit to the Government for consideration and decision on the price stabilization policy according to the provisions of Clause 1, Article 20 of the Law on Prices.

Domestic gasoline prices may decrease again tomorrow Domestic gasoline prices at the adjustment session tomorrow (August 22) are likely to decrease following the world trend. If the Stabilization Fund is not affected, gasoline prices may decrease by 500-580 VND/liter.