The Ministry of Finance and the Ministry of Industry and Trade have just announced changes to retail gasoline and diesel prices in the upcoming adjustment period. The new prices will be applied from 3 PM today.
Specifically, the price of E5 RON 92 gasoline increased by 250 VND/liter, to 22,610 VND/liter; RON 95 gasoline increased by 416 VND/liter, to 23,930 VND/liter. Thus, gasoline prices have increased for two consecutive sessions.
Meanwhile, diesel prices decreased by 549 VND/liter, to 21,940 VND/liter; kerosene decreased by 448 VND/liter, to 22,305 VND/liter; and fuel oil decreased by 373 VND/kg, to 16,240 VND/kg.
In this price adjustment period, the inter-ministerial committee continues to neither allocate funds nor disburse funds from the price stabilization fund for all types of gasoline and diesel.
Recently, the Ministry of Industry and Trade submitted to the Government a draft Decree amending Decree 95 and Decree 83 on petroleum business. Regarding the management of petroleum prices, the Ministry proposed the first option: maintaining the current regulations but reviewing some actual costs incurred, and amending regulations on the method and frequency of determining these costs to ensure greater accuracy, completeness, and timeliness for businesses.
The second option is to revise the formula and method for announcing base prices so that the State only announces the constituent elements of the price. Leading enterprises would determine and announce retail prices based on their actual costs, then report to the Ministry of Finance and the Ministry of Industry and Trade for monitoring.
Based on feedback from several units, the Ministry of Industry and Trade believes that the current method of managing gasoline and diesel prices has many advantages. However, it is proposed that the time for reviewing and announcing the costs included in gasoline and diesel prices be shortened from 6 months to 3 months. At the same time, the price adjustment period will be shortened from 10 days to 7 days, fixed on Thursdays every week.
According to the Ministry of Industry and Trade, reducing the price adjustment period will ensure that gasoline and diesel prices more closely follow developments in the world market. Price adjustments, even on holidays, aim to avoid large price fluctuations that could affect the rights of consumers or businesses trading in these commodities.
However, the drawback of this option is that the time it takes to import petroleum products from abroad to Vietnam (from the time of ordering to arrival at the port) is about 10-15 days, so when the market is unstable and trending unfavorably, businesses will be affected.
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