Coinciding with Lunar New Year holiday, how will gasoline prices be adjusted?

According to the Domestic Market Department, Decree 80/2023 of the Government on petroleum trading stipulates that the time for managing petroleum prices is implemented every Thursday.

In case the price management period coincides with the Lunar New Year holiday, it will be implemented as follows: If Thursday falls on the last day of the Lunar New Year (29 or 30 of Lunar New Year), the petrol price management will be implemented on the preceding Wednesday. If Thursday falls on the 1st, 2nd or 3rd day of Lunar New Year, the petrol price management period will be implemented on the 4th day of Lunar New Year.

In case the price management period coincides with a holiday according to regulations, if Thursday coincides with the first day of the holiday, the petrol price management period will be implemented on the previous Wednesday. If Thursday coincides with the remaining holidays, the petrol price management period will be implemented on the first working day after the holiday.

In case the price of petroleum products fluctuates abnormally, affecting socio -economic development and people's lives, the Ministry is responsible for reporting to the Prime Minister for consideration and decision on an appropriate time to manage petroleum prices.

Although interpreting and citing the above regulations, the conclusion in Official Dispatch 805 on the time of managing gasoline prices sent to the Departments of Industry and Trade and gasoline trading enterprises, the Ministry of Industry and Trade said: "The management of gasoline prices immediately after the management period of February 1, 2024 will be implemented on Thursday, February 8, 2024". That is, there is no change in time compared to the regulations in Decree 80.

The retail price of gasoline and oil today, February 5, 2024, is being applied according to the adjustment session from 3:00 p.m. on February 1 by the Ministry of Finance - Industry and Trade. Specifically, E5 RON92 gasoline increased by VND 742/liter, not higher than VND 22,913/liter, RON95 gasoline increased by VND 753/liter, to VND 24,160/liter.

Diesel oil increased by 623 VND/liter, not higher than 20,999 VND/liter; Kerosene increased by 379 VND/liter, not higher than 20,923 VND/liter and mazut oil price increased by 593 VND/kg, not higher than 16,087 VND/kg.

In this operating period, the operating agency decided to set aside a price stabilization fund for fuel oil at 300 VND/kg (as in the previous period), and not set aside a fund for gasoline, diesel and kerosene.

This is the fourth consecutive increase in gasoline prices since the beginning of 2024.

Source