Gasoline prices fall after two consecutive increases
From 3:00 p.m. on November 13, the price of E5 RON 92 gasoline decreased by 340 VND/liter, RON 95 gasoline decreased by 390 VND/liter, while the price of diesel oil decreased by 1,060 VND/liter.
The Ministry of Finance and the Ministry of Industry and Trade have just announced changes to the retail price of gasoline. Accordingly, the retail price of gasoline has decreased by VND340/liter, down to VND22,270/liter. The retail price of RON 95 gasoline has decreased by VND390/liter, down to VND23,530/liter.
Meanwhile, diesel price decreased by VND1,060/liter, down to VND20,880/liter. Kerosene price decreased by VND790/liter, down to VND21,510/liter; fuel oil decreased by VND620/kg, down to VND15,620/kg.
In this management period, the joint ministry did not set aside or spend the price stabilization fund for gasoline and oil products.
Since the beginning of the year, gasoline prices have undergone 32 adjustments, including 19 increases, 10 decreases, and 3 unchanged.
Recently, the Ministry of Industry and Trade submitted to the Government a draft Decree amending Decree 95 and Decree 83 on petroleum trading. Regarding the management of petroleum prices, the Ministry proposed the first option of maintaining the current regulations, but reviewing some actual costs incurred, amending regulations on the method and frequency of determining costs to ensure accuracy, completeness and timeliness for businesses.
The second option is to amend the formula and method of announcing the base price in the direction that the State only announces the price components. The main enterprises will base on their actual costs to determine and announce the retail price themselves, then report to the Ministry of Finance and the Ministry of Industry and Trade for supervision.
Based on comments from several units, the Ministry of Industry and Trade believes that the current method of managing gasoline prices has many advantages. However, the time for reviewing and announcing costs included in gasoline prices is proposed to be shortened from 6 months to 3 months. At the same time, the price management period will be shortened from 10 days to 7 days, fixed on Thursdays every week.
