Gasoline prices have reversed course and are rising, with RON 95 reaching close to 22,000 VND/liter.

Based on the directives of the Ministry of Industry and Trade and the Ministry of Finance, businesses have simultaneously adjusted gasoline and diesel prices starting at 3 PM today (August 15).

Accordingly, the price of E5 gasoline increased by 170 VND/liter, with a selling price of 20,880 VND/liter. The price of RON 95 gasoline increased by 180 VND/liter, with a selling price of 21,850 VND/liter.

Similarly, the price of diesel fuel was also adjusted upwards by 90 VND/liter, bringing the selling price to 19,230 VND/liter.

In this price adjustment period, the Ministry of Industry and Trade and the Ministry of Finance continued to neither allocate nor disburse funds from the Price Stabilization Fund for fuel products.

In the most recent fuel price adjustment (August 8th), the prices of all types of gasoline and diesel were significantly reduced by the Ministry of Industry and Trade and the Ministry of Finance.

Specifically, the price of E5 gasoline decreased by 900 VND/liter, with a selling price of 20,710 VND/liter. The price of RON 95 gasoline decreased by 930 VND/liter, with a selling price of 21,670 VND/liter.

Fuel prices have been adjusted upwards. Photo: Tuan Anh

Meanwhile, the price of diesel fuel was adjusted down by 730 VND/liter, selling at 19,140 VND/liter. The price of kerosene decreased by 680 VND/liter, selling at 19,410 VND/liter.

In the draft Decree amending the decrees on petroleum business, the Ministry of Industry and Trade proposes that petroleum wholesalers base their calculations and announcements of petroleum selling prices on the input parameters published by the Ministry of Industry and Trade and the calculation formulas stipulated in the Decree.

Based on the actual situation at the enterprise, petroleum wholesalers and petroleum distributors decide on the retail price of petroleum (excluding fuel oil, which is the wholesale price) in their distribution system, in accordance with the actual costs incurred at the enterprise and not exceeding the maximum petroleum selling price as stipulated.

The maximum selling price of petroleum products is determined as follows: the maximum selling price of petroleum products equals (=) { world petroleum price (x) foreign exchange rate} plus (+) import tax plus (+) special consumption tax plus (+) environmental protection tax plus (+) value-added tax plus (+) business costs, standard profit margin of the enterprise.

According to Mr. Nguyen Tien Thoa, Chairman of the Vietnam Valuation Association, even if the current management method is changed from the State announcing the base price as a basis for businesses to determine prices to the State not announcing prices but announcing costs for businesses to determine prices, the fundamental nature of the State's direct intervention in the market through price ceilings, including certain market-related costs, remains unchanged.

In its assessment of the draft Decree, the Ministry of Justice also stated that: The draft Decree's provision on maximum prices in the petroleum business is essentially no different from current regulations and is inconsistent with the assertion that it "minimizes the intervention of state agencies in the pricing decisions of businesses, creates a competitive environment for petroleum prices according to market mechanisms, and helps businesses be flexible and autonomous in deciding petroleum prices in the market...".

Fuel prices today, August 15, 2024: Global and domestic prices may both increase . Fuel prices on the world market today, August 15, 2024, reversed course and increased slightly after falling in the previous session. Meanwhile, in the domestic market, fuel prices may be adjusted upwards in this afternoon's price adjustment after five consecutive decreases.

Source: https://vietnamnet.vn/gia-xang-quay-dau-tang-ron-95-len-sat-22-000-dong-lit-2312047.html