The Ministry of Industry and Trade of Vietnam announces the base prices of widely-used petroleum products in the market in Vietnam from November 14, 2024.

The Ministry of Industry and Trade of Vietnam announces the base prices of widely-used petroleum products in the market in Vietnam from November 14, 2024.​ (Image from the internet)

On November 14, 2024, the Ministry of Industry and Trade of Vietnam issued Official Dispatch 9214/BCT-TTTN regarding the regulation of petroleum business operations.

The Ministry of Industry and Trade of Vietnam announces the base prices of widely-used petroleum products in the market in Vietnam from November 14, 2024

The Ministry of Industry and Trade of Vietnam announces the base prices of widely-usedpetroleum products in the market:

In view of recent developments in global petroleum product prices and in the implementation of petroleum price regulation under a state-managed market mechanism, the Ministry of Industry and Trade and the Ministry of Finance decided:

(1) Petroleum Price Stabilization Fund

- Allocation to the Petroleum Price Stabilization Fund

+ E5RON92 Gasoline: 0 VND/liter;

+ RON95 Gasoline: 0 VND/liter;

+ Diesel Oil: 0 VND/liter;

+ Kerosene: 0 VND/liter;

+ Mazut Oil: 0 VND/kg.

- Expenditure 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;

+ Mazut Oil: 0 VND/kg.

(2) Retail Prices of Petroleum

After the allocation and expenditure from the Petroleum Price Stabilization Fund as outlined in Section 1 above, the retail prices of major petroleum products in the market shall not exceed:

- E5RON92 Gasoline: not exceeding 19,452 VND/liter;

- RON95-III Gasoline: not exceeding 20,607 VND/liter;

- Diesel Oil 0.05S: not exceeding 18,573 VND/liter;

- Kerosene: not exceeding 18,988 VND/liter;

- Mazut Oil 180CST 3.5S: not exceeding 16,009 VND/kg.

(3) Implementation Time

- Allocation and expenditure from the Petroleum Price Stabilization Fund for petroleum products described in Section 1 above: Effective from 3:00 p.m. on November 14, 2024.

- Adjustment of retail prices for petroleum products: To be determined by petrol trading enterprises and distributors but not later than 3:00 p.m. on November 14, 2024.

- From 3:00 p.m. on November 14, 2024, the time when the Ministry of Industry and Trade announces the base prices stated in this Official Dispatch until before the Ministry of Industry and Trade announces the next base prices, the adjustment of retail prices for petroleum products is to be decided by petrol trading enterprises and 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 fulfillment of petroleum supply responsibilities in the market by petroleum trading enterprises and will strictly handle any violations if discovered.

More details can be found in Official Dispatch 9214/BCT-TTTN issued on November 14, 2024.

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