Gasoline prices continue to drop to close to 23,000 VND/liter from 3:00 p.m. on July 18, 2024

The Ministry of Industry and Trade issued an official dispatch on July 18, 2024 on the management of petroleum business. Accordingly, the price of gasoline will decrease to nearly 23,000 VND/liter from 3:00 p.m. on July 18, 2024.

Gasoline prices continue to drop to close to 23,000 VND/liter from 3:00 p.m. on July 18, 2024

Specifically, the Ministry of Industry and Trade issued an Official Dispatch dated July 18, 2024 on the management of petroleum business.

Accordingly, gasoline and oil prices from 3:00 p.m. on July 18, 2024 are as follows:

- RON 95-III gasoline price decreased by 120 VND, to 23,170 VND/liter.

- E5 RON 92 decreased by 110 VND, to 22,170 VND/liter.

- Diesel oil decreased by 330 VND, to 20,500 VND/liter

Gasoline prices in previous gasoline management periods

Updated gasoline prices from 3:00 p.m. on July 11, 2024

- RON 95-III gasoline price decreased by 260 VND, to 23,290 VND/liter.

- E5 RON 92 decreased by 180 VND, to 22,280 VND/liter.

- Diesel oil decreased by 340 VND, to 20,830 VND/liter

- Kerosene decreased by 180 VND, to 21,030 VND/liter

- Mazut oil increased by 250 VND, up to 17,780 VND/kg

Updated gasoline prices from 3:00 p.m. on July 4, 2024

- RON 95-III gasoline price increased by 540 VND, to 23,550 VND/liter.

- E5 RON 92 increased by 450 VND, to 22,460 VND/liter.

- Kerosene increased by 600 VND, up to 21,210 VND/liter

- Diesel oil increased by 490 VND, up to 21,170 VND/liter

- Mazut oil increased by 90 VND, up to 17,530 VND/kg

Updated gasoline prices from 3:00 p.m. on June 27, 2024

- RON 95-III gasoline price increased by 550 VND, to 23,010 VND/liter.

- E5 RON 92 increased by 510 VND, to 22,010 VND/liter.

- Kerosene increased by 260 VND, to 20,610 VND/liter

- Diesel oil increased by 320 VND, up to 20,680 VND/liter

- Mazut oil increased by 220 VND, up to 17,440 VND/kg

Regulations on current principles of gasoline price management

Specifically, Article 38 of Decree 83/2014/ND-CP, amended in Decree 95/2021/ND-CP and Decree 80/2023/ND-CP stipulates the principles of gasoline price management as follows:

(1) The selling price of gasoline and oil is implemented according to the market mechanism, regulated by the State, in accordance with the developments in world gasoline and oil prices and the socio -economic situation in each period.

(2) Petroleum wholesalers and petroleum distributors have the right to decide on wholesale prices.

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 operating price announced by the competent state agency.

For areas far from ports, warehouses, and petroleum production facilities, if there are actual costs that are reasonable and valid (audited) that increase, leading to a higher selling price than the operating price, the main petroleum trader is allowed to decide on the actual selling price in that area (which has been notified to the Ministry of Industry and Trade) to compensate for the costs incurred, but not exceeding 2% of the operating price announced at the same time.

Key petroleum traders and petroleum distributors are responsible for notifying the selling price to the Ministry of Industry and Trade and the Ministry of Finance immediately after deciding on the selling price of petroleum by the enterprise.

(3) The time for managing gasoline prices is carried out every Thursday.

In case the price management period coincides with the Lunar New Year holiday, it will be implemented as follows: If Thursday falls on the last day of the lunar year (29th or 30th of Lunar New Year), the petrol price management will be implemented on the preceding Wednesday. If Thursday falls on the 1st, 2nd or 3rd day of Lunar New Year, the petrol price management period will be implemented on the 4th day of Lunar New Year.

In case the price management period coincides with a holiday according to regulations, it will be implemented as follows: If Thursday coincides with the first day of the holiday, the petrol price management period will be implemented on the preceding Wednesday. If Thursday falls on the remaining holidays, the petrol price management period will be implemented on the first working day after the holiday.

In case the price of petroleum products fluctuates abnormally, affecting socio-economic development and people's lives, the Ministry of Industry and Trade is responsible for reporting to the Prime Minister for consideration and decision on the appropriate time to manage petroleum prices.

(4) In case the factors constituting the fluctuation cause the base price to increase by more than ten percent (> 10%) compared to the previous base price or in case the price of petroleum products fluctuates and has a major impact on socio-economic development and people's lives, the Ministry of Industry and Trade is responsible for reporting to the Prime Minister for consideration and decision on specific management measures.

(5) The petroleum products for which the state announces the base price are petroleum products that are commonly consumed in the market.

Source: https://baoquocte.vn/gasoline-price-continues-to-increase-to-23000-donglit-tu-3pm-ngay-1872024-279148.html