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.

Compared to the previous adjustment period, today, the price of E5 gasoline was adjusted down by 40 VND/liter, selling price is 19,690 VND/liter. Meanwhile, the price of RON 95 gasoline decreased by 70 VND/liter, selling price is 20,890 VND/liter.

Meanwhile, diesel price was adjusted down by 270 VND/liter, selling price is 18,050 VND/liter.

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Gasoline prices have been adjusted down. Photo: Nguyen Hue

Regarding petroleum, the Ministry of Industry and Trade has just sent a proposal to the Government to resolve difficulties and problems in national reserves of petroleum products.

According to the Ministry of Industry and Trade, petroleum is a conditional business item. Therefore, if the method of import-export barter and purchase and sale of goods is maintained according to the provisions of the Law on National Reserves and current regulations, difficulties will continue to arise and contractors will not be able to participate.

The Ministry of Industry and Trade believes that if current obstacles are not resolved, purchasing goods to increase national petroleum reserves may encounter difficulties.

At the regular press conference of the third quarter of the Ministry of Industry and Trade held on the afternoon of October 23, Mr. Phan Van Chinh, Director of the Domestic Market Department (Ministry of Industry and Trade) said that the draft Decree on petroleum trading stipulates that traders are not allowed to buy and sell with each other to ensure effective management and cut down on intermediaries and reduce costs.

The leader of the Domestic Market Department affirmed that these regulations were carefully considered to promote competition and ensure the interests of businesses. The Ministry of Industry and Trade does not prohibit gasoline distributors from buying and selling from many sources, but businesses need to meet the conditions for gasoline trading.

In addition, this decree also stipulates that the conditions for becoming a wholesale trader, a distributor and a retail enterprise are completely different. According to Mr. Chinh, in any segment, enterprises must meet the conditions of that segment, without discrimination.

Gasoline prices have reversed downwards, RON 95 falling below VND21,000/liter. Gasoline prices in today's adjustment period (October 17) reversed downwards after a sharp increase in last week's adjustment period. RON 95 gasoline prices have fallen below VND21,000/liter.