Hanoi: The Ministry of Industry and Trade of Vietnam announces the newest base prices of common petrol and oil products on the market

Hanoi: The Ministry of Industry and Trade of Vietnam announces the newest base prices of common petrol and oil products on the market (Image from the internet)

Regarding this matter, LawNet responds as follows:

On May 2, 2024, the Ministry of Industry and Trade issued Official Dispatch 2846/BCT-TTTN on the operation of petrol and oil trading.

The Ministry of Industry and Trade of Vietnam announces the newest base prices of common petrol and oil products on the market

The Ministry of Industry and Trade announces the base prices of common petrol and oil products in the market, as follows:

In light of recent changes in global petrol and oil product prices and implementing petrol and oil price management under the state-controlled market mechanism, the Ministry of Industry and Trade and the Ministry of Finance have decided:

* Petrol and Oil Price Stabilization Fund

(1) Making Petrol and Oil Price Stabilization Fund

- E5 RON92 gasoline: 0 VND/liter;

- RON95 gasoline: 0 VND/liter;

- Diesel: 0 VND/liter;

- Kerosene: 0 VND/liter;

- Mazut oil: 0 VND/kg.

(2) Using the Petrol and Oil Price Stabilization Fund

- E5 RON92 gasoline: 0 VND/liter;

- RON95 gasoline: 0 VND/liter;

- Diesel: 0 VND/liter;

- Kerosene: 0 VND/liter;

- Mazut oil: 0 VND/kg.

* Selling Prices

After making and using the Petrol and Oil Price Stabilization Fund for petrol and oil products as mentioned in Section 1, the selling prices of common petrol and oil products in the market shall not exceed the following:

- E5 RON92 gasoline: not exceeding 23,911 VND/liter;

- RON95-III gasoline: not exceeding 24,955 VND/liter;

- Diesel 0.05S: not exceeding 20,606 VND/liter;

- Kerosene: not exceeding 20,544 VND/liter;

- Mazut oil 180CST 3.5S: not exceeding 17,663 VND/kg.

* Application Time

- Making and using the Petrol and Oil Price Stabilization Fund for petrol and oil products in Section 1: Effective from 3:00 PM on May 2, 2024.

- Adjusting the selling prices of petrol and oil products: be determined by petrol and oil traders and distributors but not earlier than 3:00 PM on May 2, 2024, for price-increased products and not later than 3:00 PM on May 2, 2024, for price-decreased products.

- From 3:00 PM on May 2, 2024 - the time when the Ministry of Industry and Trade announces the base price for the announced period in this Official Dispatch until before the Ministry of Industry and Trade announces the base price for the next period, the adjustment to selling prices of petrol and oil products shall be determined by key petrol and oil traders and petrol and oil distributors in accordance with the provisions of Decree 83/2014/ND-CP, Decree 95/2021/ND-CP, Decree 80/2023/ND-CP, Circular 17/2021/TT-BCT, Circular 103/2021/TT-BTC, Circular 104/2021/TT-BTC.

* The Ministry of Industry and Trade will cooperate with relevant authorities to inspect and supervise the implementation of responsibilities ensuring the supply of petrol and oil to the market by petrol and oil traders and will strictly handle any violations if found.

Nguyen Ngoc Que Anh

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