Based on the direction of the Ministry of Industry and Trade - Ministry of Finance, petroleum businesses simultaneously adjusted petroleum prices from 3:00 p.m. today.

Compared to the previous adjustment period, in today's adjustment period (January 2), the price of E5 gasoline was adjusted up by VND240/liter, to VND20,050/liter. The price of RON 95 gasoline increased by VND200/liter, the selling price is VND20,740/liter.

Similarly, diesel price increased by 120 VND/liter, selling price up to 18,750 VND/liter.

Product Price from 2/1/2025 (unit: VND/liter) Compare with previous period
Gasoline RON 95-III 20,740 + 200
E5 RON 92 gasoline 20,050 + 240
Diesel 18,750 + 120

Gasoline price list at the operating period 1/2/2025

In today's operating session, the Ministry of Industry and Trade - Ministry of Finance did not allocate or spend from the Price Stabilization Fund for petroleum products.

In the operating period last week (December 26, 2024), the prices of all types of gasoline and oil were adjusted down.

gas price a 1910 1750.jpg
Gasoline prices have been adjusted up. Photo: Nguyen Hue

Specifically, the price of E5 gasoline was adjusted down by 430 VND/liter, to 19,810 VND/liter. The price of RON 95 gasoline decreased by 460 VND/liter, to 20,540 VND/liter.

Diesel price decreased by 100 VND/liter, selling price down to 18,630 VND/liter.

Regarding the Petroleum Price Stabilization Fund, in a petition sent to the Prime Minister on issues related to amending the Decree on Petroleum Business, a group of petroleum distributors and petroleum retailers said that the drafting agency should reconsider the existence of the Petroleum Price Stabilization Fund because it is ineffective and has little practical effect. Meanwhile, it creates a financial burden for businesses in general and, together with the pre-collected environmental tax, many large businesses have abused this fund and tax money for illegal profiteering.

The Petroleum Price Stabilization Fund was established to contribute to stabilizing petroleum prices, controlling inflation, stabilizing the macro-economy, maintaining stable growth and social security.

But the role of this fund is currently quite vague. The management of the fund's allocation and use in recent years has not brought about the desired results, creating loopholes for bad actors to take advantage.

A representative of the Ministry of Industry and Trade recently said that although the establishment of the Petroleum Price Stabilization Fund has revealed many shortcomings in the past, this fund should still be maintained for now and opinions will be sought to come up with a suitable mechanism, ensuring compliance with the Law on Prices and related regulations.

By the end of September 2024, the Petroleum Price Stabilization Fund had a surplus of more than VND 6,061 billion, a decrease of about VND 18 billion compared to the second quarter of 2024.

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