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 (July 11).

Accordingly, the price of E5 gasoline decreased by 180 VND/liter, the selling price is 22,280 VND/liter. The price of RON 95 gasoline decreased by 260 VND, the selling price is 23,290 VND/liter.

Similarly, diesel price was also adjusted down by 340 VND/liter, selling price at 20,830 VND/liter.

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Gasoline prices have been adjusted down. Photo: Tuan Anh

In this operating period, the joint ministries did not spend or set aside the Price Stabilization Fund for petroleum products.

In the previous gasoline price adjustment period (July 4), gasoline prices were adjusted by the Ministry of Industry and Trade - Ministry of Finance to increase all items.

Specifically, the price of E5 gasoline increased by 450 VND/liter, the selling price is 22,460 VND/liter. The price of RON 95 gasoline increased by 540 VND/liter, the selling price is 23,550 VND/liter.

Similarly, diesel price was also adjusted up by 490 VND/liter, selling price at 21,170 VND/liter. Kerosene price increased by 600 VND/liter, selling price up to 21,210 VND/liter.

Currently, the petroleum price stabilization fund of some key enterprises has recorded a large positive level because in many recent management periods, the fund has not been used.

Many experts believe that adjusting prices every 7 days will make the price fluctuation between the two basic adjustment periods no longer large. Therefore, the fund should be abandoned to help minimize risks and shortcomings in fund management as in the past.

However, the Ministry of Industry and Trade believes that, according to the provisions of the Law on Prices, petroleum is one of the four commodities subject to price stabilization. Therefore, in the draft decree, the price stabilization fund cannot be eliminated but this mechanism can still be maintained so that when applying price stabilization measures, the tools for setting up and using the fund will be used. This has been clearly stipulated in the law and guiding documents, so it must be implemented in accordance with regulations.

According to the guidance in Circular 103/2021/TT-BTC, the Petroleum Price Stabilization Fund is used when the difference between the base price of the announced period and the base price of the previous period increases by 7% or more. When the price decreases by more than 5%, the fund is allocated more, in addition to 300 VND/liter as prescribed. Comparing recent periods, the difference is always below 7%.

Today's oil prices on July 10, 2024 turned up . Today's oil prices on July 10, 2024 on the international market turned up after falling to the lowest level in a week. Oil prices regained momentum thanks to the continued decline in US oil inventories.