From 15:00 on June 1, 2022, the price of gasoline across the country exceeded the threshold of 30,000 VND per liter?
How is the petrol price stabilization fund implemented?
In the face of developments in world gasoline and oil prices, on June 1, 2022, the Ministry of Industry and Trade issued Official Letter 3011/BCT-TTTN in 2022 guiding the implementation of the petrol price stabilization fund as follows:
“Faced with the recent developments in world petroleum product prices and the implementation of petrol and oil price management according to the market mechanism under the management of the State, the Ministry of Industry and Trade and the Ministry of Finance decided:
1. Petroleum Price Stabilization Fund
1.1. Deduction for setting up petrol price stabilization fund
- E5RON92 gasoline: 0 VND/liter;
- RON95 gasoline: 0 VND/liter;
- Diesel oil: 100 VND/liter;
- Kerosene: 100 VND/Iit;
- Madut oil: 300 VND/kg.
1.2. Expenses for using the Petroleum Price Stabilization Fund
- E5RON92 gasoline: 100 VND/liter;
- RON95 gasoline: 500 VND/liter;
- Diesel oil: 0 VND/liter;
- Kerosene: 0 VND/Iit;
- Madut oil: 0 VND/kg. "
Accordingly, the deduction for petrol price stabilization fund will be E5RON92 gasoline at 0 VND/liter, RON95 gasoline at 0 VND/liter, diesel oil at 100 VND/liter, kerosene at 100 VND/liter and madut oil at 300 VND. /kg. Meanwhile, the expenditure level for using the petrol price stabilization fund of madut oil is 0 VND/kg, kerosene is 0 VND/liter, diesel oil is 0 VND/liter, E5RON92 gasoline is 100 VND/liter and RON95 gasoline is 500 VND/liter.
From 3:00 pm on June 1, 2022, the price of gasoline across the country exceeded the threshold of 30,000 VND per liter?
What is the selling price of petrol after implementing the petrol and oil price stabilization fund?
According to the instructions in Official Dispatch 3011/BCT-TTTN in 2022, the selling price of petrol and oil is regulated as follows:
“After making the setting up and spending for the use of the Petroleum Price Stabilization Fund in Section 1 above, the selling price of popular consumer petroleum products on the market is not higher than the price:
- E5RON92 gasoline: not higher than 30,235 VND/liter;
- RON95-III gasoline: not higher than 31,578 VND/liter;
- 0.05S diesel oil: not higher than 26,394 VND/liter;
- Kerosene: not higher than 25,386 VND/Iit;
- Oil 180CST 3.5S: not higher than 20,901 VND/kg.”
Accordingly, the maximum selling price of E5RON92 gasoline is VND 30,235 / liter, RON95-III gasoline is VND 31,578 / liter, maximum diesel oil is VND 26,394 / liter, maximum kerosene is VND 25,386 / liter and 180CST 3.5S max. maximum is 20,901 VND/liter
From 3:00 pm on June 1, 2022, will the new petrol prices begin to apply?
According to the instructions in Official Dispatch 3011/BCT-TTTN in 2022, the time for applying the above petrol and oil prices is as follows:
“3. Execution time
- Setting up and spending for the use of the Petroleum Price Stabilization Fund for petroleum products: Applied from 15:00 on June 1, 2022.
- Adjustment of selling prices of petroleum products: To be regulated by the main petrol and oil traders and petrol and oil distributors but not earlier than 15:00 on June 1, 2022.
- From 3:00 p.m. on June 1, 2022, which is the time when the Ministry of Industry and Trade announces the base price of the period announced in this Official Letter until before the date the Ministry of Industry and Trade announces the base price of the next period, the adjustment selling prices of petroleum products shall be decided by the main petrol and oil traders and petrol and oil distributors in accordance with the provisions of Decree No. 95/2021/ND-CP, Circular No. 17/2001/ TT-BCT, Circular No. 103/2001/TT-BTC, Circular No. 104/2021/TT-BTC.”
Accordingly, the setting up and use of the petrol price stabilization fund will be applied from 3:00 p.m. on June 1, 2022. Adjustment of selling prices of petrol and oil products: As prescribed by the main petrol and oil traders and petrol and oil distributors but not earlier than 15:00 on June 1, 2022. From 3:00 p.m. on June 1, 2022, which is the time when the Ministry of Industry and Trade announces the base price of the period announced in this Official Letter until before the date the Ministry of Industry and Trade announces the base price of the next period, the adjustment selling prices of petroleum products shall be decided by the main petrol and oil traders and petrol and oil distributors in accordance with the provisions of Decree No. 95/2021/ND-CP, Circular No. 17/2021/ TT-BCT, Circular No. 103/2021/TT-BTC, Circular No. 104/2021/TT-BTC.
World price of petroleum products from May 23, 2022 to May 31, 2022??
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