Official Dispatch 210/BCT: Announcement of the base prices for petroleum products in Vietnam from January 09, 2025

Official Dispatch 210/BCT: Announcement of the base prices for petroleum products in Vietnam from January 09, 2025

Based on the actual developments in the prices of global petroleum products from January 2, 2025, to the end of January 8, 2025 (hereinafter referred to as the announcement period) and based on the principle of calculating base prices, on January 9, 2025, the Ministry of Industry and Trade of Vietnam issued Official Dispatch 210/BCT-TTTN to announce the base prices of commonly consumed petroleum products on the market as follows:

Given the recent developments in global petroleum product prices and implementing petroleum price management according to the market mechanism under State management, the Ministry of Industry and Trade, and the Ministry of Finance of Vietnam have decided:

(1) Price Stabilization Fund for Petroleum Products

1.1. Contribution to the Price Stabilization Fund for Petroleum Products

- E5RON92 Gasoline: 0 VND/liter;

- RON95 Gasoline: 0 VND/liter;

- Diesel Oil: 0 VND/liter;

- Kerosene: 0 VND/liter;

- Fuel Oil: 0 VND/kg.

1.2. Expenditure from the Price Stabilization Fund for Petroleum Products

- E5RON92 Gasoline: 0 VND/liter;

- RON95 Gasoline: 0 VND/liter;

- Diesel Oil: 0 VND/liter;

- Kerosene: 0 VND/liter;

- Fuel Oil: 0 VND/kg.

(2) Retail Prices for Petroleum Products

After carrying out the contribution and expenditure from the Price Stabilization Fund for Petroleum Products for the items as mentioned in Section 1, the retail prices of commonly consumed petroleum products in the market must not exceed the following:

- E5RON92 Gasoline: not exceeding 20,431 VND/liter;

- RON95-III Gasoline: not exceeding 21,019 VND/liter;

- DIESEL 0.05S: not exceeding 19,243 VND/liter;

- Kerosene: not exceeding 19,244 VND/liter;

- Fuel Oil 180CST 3.5S: not exceeding 16,182 VND/kg.

(3) Implementation Timing

- Contribution and expenditure from the Price Stabilization Fund for Petroleum Products for items in Section 1: Effective from 15:00 PM, January 9, 2025.

- Adjustment of retail prices for petroleum products: Determined by key petroleum trading enterprises and distributors but not earlier than 15:00 PM, January 9, 2025.

- From 15:00 PM, January 9, 2025, onwards is the time the Ministry of Industry and Trade announces the base price for this announcement period as specified in this Official Dispatch until before the Ministry of Industry and Trade announces the base price for the next period. Adjustments to the selling prices of petroleum products will be decided by the main petroleum trading enterprises and distributors in compliance with legal regulations.

Thus, according to Official Dispatch 210/BCT-TTTN from the Ministry of Industry and Trade, from January 9, 2025, the base prices for petroleum products will be adjusted as follows: E5RON92 Gasoline has a base price of 20,431 VND/liter, RON95-III Gasoline is 21,019 VND/liter, DIESEL 0.05S is 19,243 VND/liter, Kerosene is 19,244 VND/liter, and Fuel Oil 180CST 3.5S is 16,182 VND/kg.

The contribution and expenditure from the Price Stabilization Fund for these products are not applicable during this announcement period. The above prices will be adjusted by the primary petroleum trading enterprises not earlier than 15:00 hours on January 9, 2025, and will be in effect until further adjustment notification from the Ministry of Industry and Trade.

What conditions must traders meet to be issued a Certificate of Eligibility for Retail Petroleum Agency from the Department of Industry and Trade of Vietnam?

According to Article 19 of Decree 83/2014/ND-CP (amended by Clause 15, Article 1 of Decree 95/2021/ND-CP), the trader must meet the following conditions to be issued a Certificate of Eligibility for Retail Petroleum Agency (hereinafter referred to as the agency) by the Department of Industry and Trade:

- The enterprise is established under the law, with a business registration certificate that includes petroleum trading.

- Has a retail petroleum store owned or leased for a term of five (05) years or more and has been granted a Certificate of Conformity with Standards for Retail Petroleum Stores under the provisions of Article 25 of this Decree.

- Management staff, direct business personnel must be trained and have certificates of professional training in fire prevention, fighting, and environmental protection in accordance with current legal regulations.

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