What is the date for adjusting gasoline prices in Vietnam?

What is the date for adjusting gasoline prices in Vietnam?

Pursuant to Article 38 of the Decree 83/2014/NĐ-CP (amended by Clause 27 Article 1 of the Decree 95/2021/NĐ-CP and Clause 11 Article 1 of the Decree 80/2023/NĐ-CP) stipulating the date for adjusting gasoline prices in Vietnam as follows:

Petrol and oil sale prices

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3. Time for gasoline price management

The time for gasoline price management is every Thursday of the week. In case the time for price management coincides with the Lunar New Year holiday, it will be implemented as follows: If Thursday coincides with the last day of the Lunar New Year (29 or 30 Lunar New Year), the gasoline price management will be carried out on the Wednesday immediately preceding it; If Thursday is the first day, second day, or third day of the Lunar New Year, the time for gasoline price management will be carried out on the fourth day of the Lunar New Year.

In case the time for price management coincides with a statutory holiday, it will be implemented as follows: If Thursday coincides with the first day of the holiday, the time for gasoline price management will be carried out on the Wednesday immediately preceding it; If Thursday coincides with the remaining holidays, the time for gasoline price management will be carried out on the first working day after the holiday.

In case the prices of gasoline and oil products have abnormal fluctuations, affecting the socio-economic development and people's lives, the Ministry of Industry and Trade is responsible for reporting to the Prime Minister for consideration and decision on the appropriate time for gasoline price management.

Therefore, from November 17, 2023, gasoline prices will be adjusted every Thursday of the week (compared to the old circular, which was on the 1st, 11th, and 21st of each month).

Note:

In case the date for adjusting gasoline prices coincides with the Lunar New Year holiday, it will be implemented as follows:

- If Thursday coincides with the last day of the Lunar New Year (29 or 30 Lunar New Year), the gasoline price management will be carried out on the Wednesday immediately preceding it.

- If Thursday is the first day, second day, or third day of the Lunar New Year, the time for gasoline price management will be carried out on the fourth day of the Lunar New Year.

In case the time for adjusting gasoline prices coincides with a statutory holiday, it will be implemented as follows:

- If Thursday coincides with the first day of the holiday, the time for gasoline price management will be carried out on the Wednesday immediately preceding it.

- If Thursday coincides with the remaining holidays, the time for gasoline price management will be carried out on the first working day after the holiday.

What is the date for adjusting gasoline prices in Vietnam? - Source: Internet

What information is the Ministry of Industry and Trade responsible for announcing about gasoline prices in Vietnam?

Pursuant to Article 39 of the Decree 83/2014/NĐ-CP (amended by Clause 29 Article 1 of the Decree 95/2021/NĐ-CP) stipulating as follows:

Publicity and transparency in the petrol and oil price management and trading

1. The Ministry of Industry and Trade shall assume the prime responsibility for, and coordinate with the Ministry of Finance in, managing prices in a public and transparent manner under Article 38 of this Decree.

2. The Ministry of Industry and Trade shall disclose on its website information about: global oil prices, base prices, regulated prices for petrol and oil products; time of application, contributions to and use of Price Stabilization Fund in petrol and oil price regulation periods; other measures (if any).

The Ministry of Finance and the Ministry of Industry and Trade shall disclose on their websites information about quarterly balance of the Petrol and Oil Price Stabilization Fund.

3. Key traders shall publicize on their websites or in the mass media current retail prices; amounts set aside and used and balances of their petrol and oil price valorization funds on a monthly basis and before each adjustment of domestic petrol and oil prices; adjustment of price valorization fund setting aside and use levels; and publicize audited financial statements in the fiscal year.

As regulations above, the Ministry of Industry and Trade is responsible for announcing following information about gasoline prices in Vietnam:

- Global oil prices, base prices, regulated prices for petrol and oil products

- Time of application, contributions to and use of Price Stabilization Fund in petrol and oil price regulation periods; other measures (if any)

What documents are required for registration of minimum petrol and oil supply in Vietnam?

Pursuant to Article 34 of the Decree 83/2014/NĐ-CP (amended by Clause 25 Article 1 of the Decree 95/2021/NĐ-CP) stipulating procedures for registration of minimum petrol and oil supply as follows:

Procedures for registration of minimum petrol and oil supply

1. On the basis of petrol and oil consumption in the year and the next year's development plan, major petrol and oil traders shall register minimum petrol and oil supply with the Ministry of Industry and Trade.

2. An application shall contain:

a) A document specifying the proposed minimum petrol and oil supply.

b) The report on the trader's petrol and oil trading in the year.

As regulations above, the application for registration of minimum petrol and oil supply in Vietnam shall contain:

- A document specifying the proposed minimum petrol and oil supply.

- The report on the trader's petrol and oil trading in the year.

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