Gasoline and Oil Prices from March 13, 2023, After Implementing the Specific Petroleum Price Stabilization Fund
What is the price of gasoline on March 13, 2023, after implementing the oil price stabilization fund?
According to instructions in Official Dispatch 1325/BCT-TTTN in 2023, today's gasoline prices are stipulated as follows:
Gasoline and diesel selling prices
After implementing the establishment, without utilizing the Oil Price Stabilization Fund noted in Section 1 above, the selling prices of commonly used gasoline and diesel products in the market shall not exceed the following levels:
- E5RON92 gasoline: not exceeding 22,806 VND/liter;
- RON95-III gasoline: not exceeding 23,818 VND/liter;
- Diesel 0.05S: not exceeding 20,502 VND/liter;
- Kerosene: not exceeding 20,715 VND/liter;
- Fuel oil 180CST 3.5S: not exceeding 15,279 VND/kilogram.
During this adjustment period, the prices of gasoline have collectively increased. Specifically, today's prices for E5 RON 92 have risen by 380 VND/liter, and RON 95 by 490 VND/liter.
After the adjustment, the maximum retail price for E5 RON 92 gasoline is 22,800 VND/liter, and for RON 95 gasoline is 23,810 VND/liter.
In addition, the prices of oil products have also collectively increased. Specifically, the diesel price increased to 20,500 VND/liter, and kerosene increased to 20,710 VND/liter.
The most recent price adjustment for gasoline and oil was on January 30, which was two days earlier than usual due to significant fluctuations in global prices. At that time, the E5 gasoline increased by 970 VND/liter, RON95 gasoline by 990 VND/liter, and diesel by 890 VND/liter.
What is the price of gasoline on March 13, 2023, after implementing the oil price stabilization fund?
How is the oil price stabilization fund implemented?
On March 13, 2023, the Ministry of Industry and Trade issued Official Dispatch 1325/BCT-TTTN in 2023, providing guidance on the implementation of the oil price stabilization fund as follows:
Given the recent developments in the global finished oil product prices and managing gasoline and oil prices under a market economy mechanism with state management, the Ministry of Industry and Trade and the Ministry of Finance decided:
Oil Price Stabilization Fund
1.1. Establishment of the Oil Price Stabilization Fund
- E5RON92 gasoline: 300 VND/liter;
- RON95 gasoline: 300 VND/liter;
- Diesel: 300 VND/liter;
- Kerosene: 300 VND/liter;
- Fuel oil: 0 VND/kilogram.
1.2. Utilization of the Oil Price Stabilization Fund
- E5RON92 gasoline: 0 VND/liter;
- RON95 gasoline: 0 VND/liter;
- Diesel: 0 VND/liter;
- Kerosene: 0 VND/liter;
- Fuel oil: 0 VND/kilogram.
The establishment level for the oil price stabilization fund will be 300 VND/liter for E5RON92 gasoline (previously 250 VND/liter), and 300 VND/liter for RON95 gasoline (previously 200 VND/liter).
In contrast, the utilization level for the oil price stabilization fund for diesel is 300 VND/liter (previously 500 VND/liter); for kerosene, it is 300 VND/liter (as before); for fuel oil, it remains 0 VND/kilogram (as before).
The new gasoline and oil prices are applied starting from 15:30 on March 13, 2023?
According to instructions in Official Dispatch 1325/BCT-TTTN in 2023, the implementation time for the above-mentioned gasoline and oil prices is as follows:
3. Implementation time
- Establishment and utilization of the Oil Price Stabilization Fund for gasoline and oil products: Applied from 15:30 on March 13, 2023.
- Adjustment of selling prices of gasoline and oil products: Set by gasoline and oil business traders and distributors, but not later than 15:30 on March 13, 2023, for price reductions, and not earlier than 15:30 on March 13, 2023, for price increases.
- From 15:30 on March 13, 2023, when the Ministry of Industry and Trade announces the base price for this period as per this Official Dispatch, until before the Ministry of Industry and Trade announces the base price for the next period, the adjustment of selling prices of gasoline and oil products shall be decided by gasoline and oil business traders and distributors in accordance with the regulations in Decree No. 95/2021/ND-CP, Circular No. 17/2021/TT-BCT, Circular No. 103/2021/TT-BTC, Circular No. 104/2021/TT-BTC.
The establishment and utilization of the oil price stabilization fund are applied from 15:30 on March 13, 2023. The adjustment of selling prices of gasoline and oil products: Set by gasoline and oil business traders and distributors but not later than 15:30 on March 13, 2023.
From 15:30 on March 13, 2023, when the Ministry of Industry and Trade announces the base price for this period as per this Official Dispatch until before the Ministry of Industry and Trade announces the base price for the next period, the adjustment of selling prices of gasoline and oil products shall be decided by gasoline and oil business traders and distributors in accordance with the regulations in Decree 95/2021/ND-CP, Circular 17/2021/TT-BCT, Circular 103/2021/TT-BTC, and Circular 104/2021/TT-BTC.
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