Changes in Gasoline Prices as of May 12, 2023, Compared to the Previous Adjustment - Is There a Decrease in Oil Prices?
Gasoline Prices Today on May 12, 2023: Will Gasoline Prices Drop Simultaneously? Gasoline Prices Drop by More than 1,320 VND per Liter?
According to the guidance in Official Dispatch 2789/BCT-TTTN year 2023, gasoline prices today are as follows:
Retail Prices of Gasoline and Oil
After implementing the establishment and not using the Price Stabilization Fund for gasoline and oil as stipulated in Section 1 above, the selling prices of popular gasoline and oil products on the market should not exceed the following levels:
- E5RON92 Gasoline: not exceeding 20,130 VND/liter;
- RON95-III Gasoline: not exceeding 21,000 VND/liter;
- Diesel 0.05S: not exceeding 17,650 VND/liter;
- Kerosene: not exceeding 17,970 VND/liter;
- Fuel oil 180CST 3.5S: not exceeding 14,860 VND/kg.
During this adjustment period, the prices of gasoline products have significantly dropped. E5RON92 gasoline decreased by 1,300 VND/liter; RON95-III gasoline dropped by 1,320 VND/liter; Diesel 0.05S decreased by 600 VND/liter; Kerosenes dropped by 550 VND/liter; Fuel oil 180CST 3.5S decreased by 640 VND/kg.
After the adjustment, today's gasoline prices will be lower than the previous adjustment. Specifically, E5 RON92 gasoline decreased by 1,300 VND/liter, with a selling price of 20,130 VND/liter; RON95 gasoline decreased by 1,300 VND/liter, with a selling price of 20,130 VND/liter.
Besides, the prices of oil products have also collectively decreased. Specifically, the price of diesel dropped by 600 VND/liter, reaching a level of 17,650 VND/liter; Kerosene decreased by 550 VND/liter, reaching 17,970 VND/liter; Fuel oil 180CST 3.5S decreased by 640 VND/kg, reaching 14,860 VND/kg.
Above are the gasoline prices on May 12, 2023.
Since the beginning of the year, this product has seen 07 increases, 05 decreases, and one time remaining unchanged.
Gasoline prices today on May 12, 2023, change compared to the previous adjustment? Has oil prices decreased?
How is the Price Stabilization Fund for Gasoline and Oil Implemented?
On May 11, 2023, the Ministry of Industry and Trade issued Official Dispatch 2789/BCT-TTTN year 2023 guiding the implementation of the gasoline and oil price stabilization fund as follows:
Given the recent developments in the world gasoline and oil finished product prices and implementing the gasoline and oil price management under the market mechanism regulated by the State, the Ministry of Industry and Trade and the Ministry of Finance decided:
Price Stabilization Fund for Gasoline and Oil
1.1. Establishment of the Price Stabilization Fund for Gasoline and Oil
- E5RON92 Gasoline: 300 VND/liter;
- RON95 Gasoline: 300 VND/liter;
- Diesel Oil: 300 VND/liter;
- Kerosene: 300 VND/liter;
- Fuel oil: 300 VND/kg.
1.2. Expenditure on the Price Stabilization Fund for Gasoline and Oil
- E5RON92 Gasoline: 0 VND/liter;
- RON95 Gasoline: 0 VND/liter;
- Diesel Oil: 0 VND/liter;
- Kerosene: 0 VND/liter;
- Fuel oil: 0 VND/kg.
The establishment rate of the gasoline and oil price stabilization fund will be 300 VND/liter for E5RON92 gasoline, 300 VND/liter for RON95 gasoline.
Meanwhile, the establishment rate of the oil price stabilization fund for diesel will be 300 VND/liter; kerosene at 300 VND/liter; fuel oil at 300 VND/kg.
Applying New Gasoline and Oil Prices Starting from 15:30 on May 11, 2023?
According to the guidance in Official Dispatch 2789/BCT-TTTN year 2023, the time to apply the aforementioned gasoline and oil prices is as follows:
3. Implementation Time
- Establishment and expenditure on the Price Stabilization Fund for gasoline and oil for the products: Effective from 15:30 on May 11, 2023.
- Adjusting the selling prices of gasoline and oil products: Determined by leading gasoline oil trading enterprises, distributing gasoline oil enterprises but no later than 15:30 on May 11, 2023 for products with decreased prices, not earlier than 15:30 on May 11, 2023, for products with increased prices.
- As of 15:30 on May 11, 2023, which is the time the Ministry of Industry and Trade announced the base prices in this Official Dispatch up until before the Ministry of Industry and Trade announces the base prices in the next period, the adjustment of the selling prices of gasoline and oil products will be decided by leading gasoline oil trading enterprises, distributing gasoline oil enterprises in accordance with the provisions of Decree 95/2021/ND-CP, Circular 17/2021/TT-BCT, Circular 103/2021/TT-BTC, Circular 104/2021/TT-BTC.
The establishment and utilization of the gasoline and oil price stabilization fund will be applied from 15:30 on May 11, 2023. Adjusting the selling prices of gasoline and oil products: Determined by leading gasoline oil trading enterprises, distributing gasoline oil enterprises but no later than 15:30 on May 11, 2023.
As of 15:30 on May 11, 2023, which is the time the Ministry of Industry and Trade announced the base prices in this Official Dispatch up until before the Ministry of Industry and Trade announces the base prices in the next period, the adjustment of the selling prices of gasoline and oil products will be decided by leading gasoline oil trading enterprises, distributing gasoline oil enterprises in accordance with the provisions of Decree 95/2021/ND-CP, Circular 17/2021/TT-BCT, Circular 103/2021/TT-BTC, Circular 104/2021/TT-BTC.
What Are the Rights and Obligations of Fuel Trading Service Traders?
Based on Article 29 of Decree 83/2014/ND-CP (amended by Clause 22, Article 1 of Decree 95/2021/ND-CP), the regulations are as follows:
Rights and Obligations of Fuel Trading Service Traders
1. Have the right to engage in the business of renting ports and storage for gasoline oil reception, providing transportation services, and fueling services as contracted.
2. Be responsible for the quantity and quality of gasoline oil during the reception, storage, and transportation process as contracted with traders renting the reception, storage, and transport of gasoline oil.
3. Be subject to the supervision and management of the leasing trader. Must equip the necessary devices for inspecting and supervising gasoline oil transport vehicles.
4. If there are other business activities related to gasoline oil (primary traders, distribution traders, general agents, agents, franchised gasoline oil retailers), they must comply with the corresponding business activity regulations.
5. Comply with legal regulations on fire prevention, firefighting, and environmental protection during business operations.
6. Must establish, implement, and maintain an effective quality management system.
Thus, the rights and obligations of fuel trading service traders are implemented as per the above regulations.
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