The Ministry of Industry and Trade and the Ministry of Finance announced that, effective 3 PM today, gasoline prices in Vietnam will increase significantly, while diesel prices will see a reduction. This adjustment is a direct response to recent fluctuations in the global energy market, primarily influenced by ongoing conflicts in the Middle East.
Specifically, E10 RON 95-III gasoline will increase by 1,070 dong, reaching 28,250 dong per liter. E5 RON 92 gasoline will see a rise of 1,140 dong, setting its new price at 27,700 dong per liter. Conversely, diesel oil products will decrease by 590 dong, bringing the new price to 29,120 dong per liter. Mazut oil, however, will experience an increase, reaching 21,120 dong per kg.
During this pricing cycle, authorities allocated 200 dong per liter from the price stabilization fund for diesel oil. The fund's use for other petroleum products has been discontinued.
Looking ahead, the Ministry of Industry and Trade is proposing a new decree for petroleum business, which aims to reform the current pricing mechanism. The draft suggests empowering businesses to independently calculate and determine selling prices, moving away from the State's current practice of announcing maximum prices on a 7-day cycle. This initiative seeks to align domestic petroleum prices more closely with market dynamics while maintaining State oversight.
Under the proposed draft, businesses would be responsible for setting prices based on factors such as purchase costs, operating expenses, profits, and taxes. Any price adjustments would require traders to declare and explain changes in these cost components. While the State would not directly set selling prices, it would retain the authority to monitor the market and implement stabilization measures when necessary.
The draft also intends to streamline the distribution network by reducing intermediate layers and enhancing the autonomy and competitiveness of distribution traders. To further restructure the market and ensure a stable petroleum supply, the Ministry of Industry and Trade has proposed stricter supply capacity requirements for key enterprises, mandating a minimum total supply of 300,000 cubic meters or tons annually.
* To be updated
Phuong Dung
