The Ministry of Industry and Trade issued an official dispatch on July 11, 2024, regarding the management of petroleum business. Accordingly, the price of gasoline suddenly dropped to more than 23,000 VND/liter from 3:00 p.m. on July 11, 2024.
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Gasoline price suddenly dropped to more than 23,000 VND/liter from 3:00 p.m. on July 11, 2024
Specifically, the Ministry of Industry and Trade issued an Official Dispatch dated July 11, 2024 on petroleum business management.
Accordingly, gasoline and oil prices from 3:00 p.m. on July 11, 2024 are as follows:
- RON 95-III gasoline price decreased by 260 VND, to 23,290 VND/liter.
- E5 RON 92 decreased by 180 VND, to 22,280 VND/liter.
- Diesel oil decreased by 340 VND, to 20,830 VND/liter
- Kerosene decreased by 180 VND, to 21,030 VND/liter
- Fuel oil increased by 250 VND, to 17,780 VND/kg
Gasoline prices in previous gasoline management periods
Updated gasoline prices from 3:00 p.m. on July 4, 2024
- RON 95-III gasoline price increased by 540 VND, to 23,550 VND/liter.
- E5 RON 92 increased by 450 VND, to 22,460 VND/liter.
- Kerosene increased by 600 VND, up to 21,210 VND/liter
- Diesel oil increased by 490 VND, to 21,170 VND/liter
- Madut oil increased by 90 VND, to 17,530 VND/kg
Updated gasoline prices from 3:00 p.m. on June 27, 2024
- RON 95-III gasoline price increased by VND550, to VND23,010/liter.
- E5 RON 92 increased by 510 VND, to 22,010 VND/liter.
- Kerosene increased by 260 VND, to 20,610 VND/liter
- Diesel oil increased by 320 VND, to 20,680 VND/liter
- Madut oil increased by 220 VND, to 17,440 VND/kg
Regulations on current principles of gasoline price management
Specifically, Article 38 of Decree 83/2014/ND-CP, amended in Decree 95/2021/ND-CP and Decree 80/2023/ND-CP stipulates the principles of gasoline price management as follows:
(1) The selling price of gasoline and oil is implemented according to the market mechanism, regulated by the State, in accordance with the developments of world gasoline and oil prices and the socio -economic situation in each period.
(2) Petroleum wholesale traders and petroleum distributors have the right to decide on wholesale prices.
Based on the actual situation at the enterprise, the main petroleum trader and petroleum distributor decide the retail price of petroleum (for fuel oil, the wholesale price) in their distribution system in accordance with the actual costs incurred at the enterprise and not higher than the operating price announced by the competent state agency.
For locations far from ports, warehouses, and petroleum production facilities, if there are actual costs that arise reasonably and legitimately (audited) and increase, leading to a selling price higher than the operating price, the main petroleum trader is allowed to decide on the actual selling price in that location (already notified to the Ministry of Industry and Trade) to compensate for the incurred costs, but not exceeding 2% of the operating price announced at the same time.
Key petroleum traders and petroleum distributors are responsible for notifying the selling price to the Ministry of Industry and Trade and the Ministry of Finance immediately after deciding on the selling price of petroleum by the enterprise.
(3) The time for operating gasoline prices is carried out 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 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, it is implemented as follows: If Thursday coincides with the first day of the holiday, the time for managing the petrol price is implemented on the previous Wednesday. If Thursday falls on the remaining holidays, the time for managing the petrol price is 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 of Industry and Trade is responsible for reporting to the Prime Minister for consideration and decision on an appropriate time to manage petroleum prices.
(4) In case the factors constituting the fluctuation cause the base price to increase by more than ten percent (> 10%) compared to the previous base price or in case the price of petroleum products fluctuates and has a major impact on 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.
(5) The petroleum products with announced base prices by the State are petroleum products that are commonly consumed in the market.
Source: https://baoquocte.vn/gia-xang-bat-ngo-giam-con-hon-23000-donglit-tu-15h-ngay-1172024-278269.html
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