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

The Ministry of Industry and Trade issued a document on July 18, 2024, regarding the management of gasoline and diesel fuel business. Accordingly, gasoline prices decreased to near 23,000 VND/liter from 3 PM on July 18, 2024.

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Gasoline prices continued to fall, nearing 23,000 VND/liter from 3 PM on July 18, 2024.

Specifically, the Ministry of Industry and Trade issued a document on July 18, 2024, regarding the management of petroleum business.

Accordingly, the prices of gasoline and diesel fuel from 3 PM on July 18, 2024 are as follows:

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

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

- Diesel fuel prices decreased by 330 VND, to 20,500 VND/liter.

Fuel prices in previous fuel price adjustments.

Updated gasoline prices effective from 3 PM on July 11, 2024.

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

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

- Diesel fuel prices decreased by 340 VND, to 20,830 VND/liter.

- Kerosene price decreased by 180 dong, to 21,030 dong/liter.

- Fuel oil prices increased by 250 VND, reaching 17,780 VND/kg.

Updated gasoline prices effective from 3 PM on July 4, 2024.

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

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

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

- Diesel fuel prices increased by 490 VND, to 21,170 VND/liter.

- Fuel oil prices increased by 90 dong, reaching 17,530 dong/kg.

Updated gasoline prices effective from 3 PM on June 27, 2024.

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

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

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

- Diesel fuel prices increased by 320 VND, to 20,680 VND/liter.

- Fuel oil prices increased by 220 VND, reaching 17,440 VND/kg.

Regulations on the current principles for managing gasoline and diesel prices.

Specifically, Article 38 of Decree 83/2014/ND-CP, amended by Decree 95/2021/ND-CP and Decree 80/2023/ND-CP, stipulates the principles for managing gasoline and diesel prices as follows:

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

(2) Wholesale petroleum traders and petroleum distributors have the right to decide wholesale prices.

Based on the actual situation at the enterprise, petroleum wholesalers and petroleum distributors decide on the retail price of petroleum products (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 exceeding the regulated price announced by the competent state agency.

For areas far from ports, main depots, and petroleum production facilities, if legitimate and audited actual costs increase significantly, resulting in a higher selling price than the regulated price, petroleum wholesalers may determine the actual selling price in that area (after notification to the Ministry of Industry and Trade) to offset the increased costs, but not exceeding 2% of the regulated price announced at the same time.

Petroleum wholesalers and distributors are responsible for notifying the Ministry of Industry and Trade and the Ministry of Finance of the selling prices immediately after deciding on the selling prices of petroleum products by their enterprises.

(3) The time for adjusting gasoline and diesel prices is carried out on Thursdays every week.

In cases where the price adjustment period coincides with the Lunar New Year holiday, the following procedures apply: If Thursday falls on the last day of the lunar year (the 29th or 30th of the Lunar New Year), the fuel price adjustment will be implemented on the preceding Wednesday. If Thursday falls on the 1st, 2nd, or 3rd day of the Lunar New Year, the fuel price adjustment will be implemented on the 4th day of the Lunar New Year.

In cases where the price adjustment period coincides with a public holiday, the following procedures apply: If Thursday falls on the first day of a public holiday, the fuel price adjustment will be implemented on the preceding Wednesday. If Thursday falls on any other public holiday, the fuel price adjustment will be implemented on the first working day after the holiday.

In cases where fuel prices fluctuate unusually, 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 an appropriate timeframe for adjusting fuel prices.

(4) In cases where the constituent factors fluctuate causing the base price to increase by more than ten percent (> 10%) compared to the previous base price or in cases where the prices of petroleum products fluctuate significantly 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 specific management measures.