Gasoline price increases, RON 95 exceeds 22,000 VND/liter

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 (June 13).

Accordingly, the price of E5 gasoline increased by 170 VND/liter, the selling price is 21,310 VND/liter. The price of RON 95 gasoline increased by 260 VND, the selling price is 22,230 VND/liter.

Similarly, diesel price was also adjusted up by 220 VND/liter, selling price at 19,640 VND/liter.

In the previous gasoline price adjustment period (June 6), gasoline prices were jointly adjusted by the Ministry of Industry and Trade - Ministry of Finance to reduce prices of all products.

Specifically, the price of E5 gasoline decreased by 610 VND/liter, to 21,140 VND/liter. The price of RON 95 gasoline decreased by 540 VND/liter, to 21,970 VND/liter.

Diesel prices were also adjusted down by VND320/liter, to VND19,420/liter. Kerosene prices were reduced by VND380/liter, to VND19,550/liter.

Similar to previous operating periods, in the operating period on June 6, the joint Ministry of Industry and Trade - Ministry of Finance did not allocate or spend from the Price Stabilization Fund for petroleum products.

Gasoline prices have been adjusted up. Photo: Nguyen Hue

According to information from the Ministry of Industry and Trade, in June, this agency will submit a document to the Government on a decree replacing decrees on petroleum trading. Regarding the Petroleum Price Stabilization Fund, the Ministry of Industry and Trade recommends whether to continue to maintain or not to maintain the fund, based on the provisions of the 2023 Price Law effective from July 1.

According to the Ministry of Industry and Trade, with the current implementation of the price adjustment cycle of 7 days/time, the price fluctuation between the 2 basic adjustments is not large, domestic gasoline prices basically follow the world price movements. Enterprises have proactively calculated prices, planned to import goods, and the basic gasoline supply is guaranteed.

"Therefore, the impact of adjusting gasoline prices on the socio-economic situation is not large, and the Petroleum Price Stabilization Fund is rarely used to stabilize gasoline prices, contributing to the goal of controlling inflation and ensuring the harmony of interests between gasoline businesses and users," said the Ministry of Industry and Trade.

According to data from the Ministry of Finance, by the end of 2023, the Petroleum Price Stabilization Fund had a balance of more than VND6,655 billion. However, in the first 5 months of this year, this fund was spent very little. In many recent petroleum price management periods, the Ministry of Industry and Trade - Ministry of Finance decided not to spend or set aside the Petroleum Price Stabilization Fund.

Responding to the press, Ms. Nguyen Thuy Hien, Deputy Director of the Domestic Market Department (Ministry of Industry and Trade) informed that the participation and withdrawal of enterprises from the market happens regularly, in which gasoline is a conditional business item, so it is no exception.

To ensure the supply of gasoline, the Ministry of Industry and Trade has assigned the minimum total source (including imported and purchased domestic gasoline) to key gasoline trading enterprises.

Since the beginning of the year, basically, petroleum business hubs have seriously implemented the minimum total source of allocated petroleum supply, meeting enough demand.

According to VietNamNet

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