Gasoline prices increase, oil prices decrease

(Dan Tri) - During the adjustment period on October 16, gasoline prices increased and decreased in opposite directions. Of which, gasoline prices increased by 90-180 VND/liter.

On the afternoon of October 16, the Ministry of Finance and the Ministry of Industry and Trade jointly announced changes to retail gasoline prices. The effective time is from 3:00 p.m. the same day.

Accordingly, the regulatory agency decided to increase the price of E5 RON 92 gasoline by VND90/liter and RON 95 gasoline by VND180/liter. After adjustment, the retail price of E5 RON 92 gasoline is VND19,220/liter and RON 95 gasoline is VND19,900/liter.

Diesel oil decreased by 180 VND/liter to 18,420 VND/liter, kerosene decreased by 30 VND/liter to 18,400 VND/liter; fuel oil decreased by 430 VND/kg to 14,370 VND/kg. The management agency still maintains not to draw from or spend from the price stabilization fund.

Thus, domestic gasoline prices have increased after only one decrease. Since the beginning of the year, RON 95 gasoline has increased 24 times, decreased 19 times. Diesel has increased 21 times, decreased 20 times and remained unchanged once.

The fuel price stabilization fund of some key enterprises still recorded a large positive level because this fund has not been used in many recent management periods. The fund balance as of the end of the second quarter was more than 5,614 billion VND. Of which, the balance at the Vietnam National Petroleum Group ( Petrolimex ) accounted for half, at 3,084 billion VND.

In another development, the Ministry of Finance is drafting a Circular detailing a number of articles of the Decree detailing the implementation of a number of articles of the Law on Special Consumption Tax. It clearly states regulations on tax refunds for biofuel.

In the draft, the Ministry of Finance proposes that enterprises producing and blending biofuel declare, pay and deduct special consumption tax at the tax authority where their headquarters are located.

The tax on mineral fuel used as raw materials that has not been fully deducted shall be offset against the tax on other goods and services in the period. If there is still a surplus after offsetting, the enterprise may transfer it to the next period for further deduction or tax refund according to regulations.

Also in this draft, the Ministry of Finance proposed regulations on records and procedures for refunding the amount of special consumption tax that has not been fully deducted by enterprises producing bio-fuel.

Source: https://dantri.com.vn/kinh-doanh/gia-xang-bat-tang-dau-giam-20251016142412889.htm