Gasoline Prices Today (July 25, 2022) Continue to Sharply Decrease Nationwide to Near VND 25,000 per Liter
How is the Petroleum Price Stabilization Fund implemented?
Faced with fluctuations in global petroleum prices, on July 21, 2022, the Ministry of Industry and Trade issued Official Dispatch 4202/BCT-TTTN of 2022, guiding the implementation of the Petroleum Price Stabilization Fund as follows:
"Faced with fluctuations in global petroleum product prices in recent times and following the mechanism of price management in the context of state administration, the Ministry of Industry and Trade and the Ministry of Finance decide:
1. Petroleum Price Stabilization Fund
1.1. Contribution to the Petroleum Price Stabilization Fund
- E5RON92 Gasoline: 950 VND/liter;
- RON95 Gasoline: 950 VND/liter;
- Diesel Oil: 550 VND/liter;
- Kerosene: 700 VND/liter;
- Heavy Fuel Oil: 950 VND/kg.
1.2. Disbursement from the Petroleum Price Stabilization Fund
- E5RON92 Gasoline: 0 VND/liter;
- RON95 Gasoline: 0 VND/liter;
- Diesel Oil: 0 VND/liter;
- Kerosene: 0 VND/liter;
- Heavy Fuel Oil: 0 VND/kg."
The contribution rates to the Petroleum Price Stabilization Fund are as follows: E5RON92 Gasoline is 950 VND/liter, RON95 Gasoline is 950 VND/liter, Diesel Oil is 550 VND/liter, Kerosene is 700 VND/liter, and Heavy Fuel Oil is 950 VND/kg. Meanwhile, the disbursement rates from the Petroleum Price Stabilization Fund for Heavy Fuel Oil are 0 VND/kg, Kerosene is 0 VND/liter, Diesel Oil is 0 VND/liter, E5RON92 Gasoline is 0 VND/liter, and RON95 Gasoline is 0 VND/liter.
Today's gasoline price (July 25, 2022) continues to decrease significantly nationwide, approaching 25,000 VND per liter of gasoline?
What is today's gasoline price after the implementation of the Petroleum Price Stabilization Fund?
According to the guidance in Official Dispatch 4202/BCT-TTTN of 2022, today's gasoline prices are regulated as follows:
“After implementing the contributions and disbursements from the Petroleum Price Stabilization Fund as mentioned in Section 1 above, the maximum retail prices of commonly consumed petroleum products in the market shall not exceed:
- E5RON92 Gasoline: no more than 25,073 VND/liter;
- RON95-III Gasoline: no more than 26,070 VND/liter;
- Diesel Oil 0.05S: no more than 24,858 VND/liter;
- Kerosene: no more than 25,246 VND/liter;
- Heavy Fuel Oil 180CST 3.5S: no more than 16,548 VND/kg.”
The maximum price for E5RON92 Gasoline is 25,073 VND/liter, RON95-III Gasoline is 26,070 VND/liter, Diesel Oil is 24,858 VND/liter, Kerosene is 25,246 VND/liter, and Heavy Fuel Oil 180CST 3.5S is 16,548 VND/kg.
Thus, the price of E5RON92 Gasoline has decreased by 2,715 VND/liter, RON95-III Gasoline decreased by 3,605 VND/liter, Diesel Oil decreased by 1,735 VND/liter, Kerosene decreased by 1,099 VND/liter, and Heavy Fuel Oil 180CST 3.5S decreased by 1,164 VND/kg compared to the previous period.
From 15:00 on July 21, 2022, new gasoline prices will be applied?
According to the guidance in Official Dispatch 4202/BCT-TTTN of 2022, the implementation time for the above-mentioned gasoline prices is as follows:
“3. Implementation time
- Contribution and disbursement from the Petroleum Price Stabilization Fund for petroleum products: Effective from 15:00 on July 21, 2022.
- Adjustment of the selling price of petroleum products: Determined by petroleum trading entities, distributors of petroleum products but no later than 15:00 on July 21, 2022.
- From 15:00 on July 21, 2022, it is the time when the Ministry of Industry and Trade announces the basic price in this release until before the Ministry of Industry and Trade announces the basic price in the next period, the adjustment of the selling price of petroleum products is determined by petroleum trading entities, distributors of petroleum products 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 contributions and disbursements from the Petroleum Price Stabilization Fund are to be effective from 15:00 on July 21, 2022. The adjustment of the selling prices of petroleum products is determined by petroleum trading entities and petroleum product distributors but no later than 15:00 on July 21, 2022.
From 15:00 on July 21, 2022, it is the time when the Ministry of Industry and Trade announces the basic price in this release until before the Ministry of Industry and Trade announces the basic price in the next period. The adjustment of the selling prices of petroleum products is determined by petroleum trading entities and petroleum product distributors 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.
LawNet
