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 15).

Accordingly, the price of E5 gasoline increased by 170 VND/liter, the selling price is 20,880 VND/liter. The price of RON 95 gasoline increased by 180 VND/liter, the selling price is 21,850 VND/liter.

Similarly, diesel price was also adjusted up by 90 VND/liter, selling price at 19,230 VND/liter.

In this management session, the Ministry of Industry and Trade - Ministry of Finance continued to neither allocate nor spend from the Price Stabilization Fund for fuel products.

In the most recent gasoline price adjustment period (August 8), the prices of all types of gasoline were strongly adjusted down by the Ministry of Industry and Trade - Ministry of Finance.

Specifically, the price of E5 gasoline decreased by 900 VND/liter, the selling price is 20,710 VND/liter. The price of RON 95 gasoline decreased by 930 VND/liter, the selling price is 21,670 VND/liter.

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Gasoline prices have been adjusted up. Photo: Tuan Anh

Meanwhile, diesel price was adjusted down by 730 VND/liter, selling price at 19,140 VND/liter. Kerosene price decreased by 680 VND/liter, selling price at 19,410 VND/liter.

In the draft Decree amending decrees on petroleum trading, the Ministry of Industry and Trade proposes that key petroleum traders base on input parameters announced by the Ministry of Industry and Trade and calculation formulas prescribed in the Decree to self-calculate and announce the selling price of petroleum traders.

Based on the actual situation at the enterprise, the main petroleum trader and the petroleum distributor decide the retail price of petroleum (except for fuel oil, which is the wholesale price) in their distribution system in accordance with the actual costs incurred at the enterprise and not higher than the maximum petroleum selling price as prescribed.

The maximum selling price of gasoline is implemented as follows: the maximum selling price of gasoline is equal to (=) {world gasoline price (x) foreign exchange rate} plus (+) import tax plus (+) special consumption tax plus (+) environmental protection tax plus (+) value added tax plus (+) business expenses and standard profit of the enterprise.

According to Mr. Nguyen Tien Thoa, Chairman of the Vietnam Valuation Association, even if the current management method is changed from the State announcing the base price as the basis for businesses to set prices, to the State not announcing prices but announcing costs for businesses to set prices, it will not change the nature of the State directly intervening in the market with ceiling prices, including market costs.

Appraising the draft Decree, the Ministry of Justice also stated that: The draft Decree regulating the maximum price in the petroleum business is essentially no different from current regulations, and is not consistent with the statement "minimizing the intervention of State agencies in deciding on the selling price of enterprises, creating a competitive environment for petroleum prices according to the market mechanism, helping enterprises to be flexible and autonomous in deciding the selling price of petroleum on the market...".

Gasoline prices today, August 15, 2024: World and domestic prices may increase together. Gasoline prices today, August 15, 2024, on the world market reversed to increase slightly after decreasing in the previous session. Meanwhile, in the domestic market, gasoline prices in the operating period this afternoon may be adjusted up after 5 consecutive decreases.