The Ministry of Industry and Trade of Vietnam's announcement of the base prices of popular petroleum products on the market on April 25, 2024

The Ministry of Industry and Trade of Vietnam's announcement of the base prices of popular petroleum products on the market on April 25, 2024 (Internet image)

Regarding this matter, LawNet would like to answer as follows:

On April 25, 2024, the Ministry of Industry and Trade issued Official Dispatch 2749/BCT-TTTN on the operation of petroleum businesses.

The Ministry of Industry and Trade of Vietnam's announcement of the base prices of popular petroleum products on the market on April 25, 2024

The Ministry of Industry and Trade of Vietnam announced the base prices of popular petroleum products on the market on April 25, 2024, as follows:

In response to recent fluctuations in global petroleum product prices and the implementation of market-oriented pricing with state management of petroleum prices, the Ministry of Industry and Trade and the Ministry of Finance have made the following decisions:

* Petroleum Price Stabilization Fund

- Establishment of the Petroleum Price Stabilization Fund:

  + E5RON92 gasoline: 0 VND/liter

  + RON95 gasoline: 0 VND/liter

  + Diesel: 0 VND/liter

  + Kerosene: 0 VND/liter

  + Mazut: 0 VND/kg

- Use of the Petroleum Price Stabilization Fund:

  + E5RON92 gasoline: 0 VND/liter

  + RON95 gasoline: 0 VND/liter

  + Diesel: 0 VND/liter

  + Kerosene: 0 VND/liter

  + Mazut: 0 VND/kg

* Retail Prices of Petroleum Products

After the establishment of the Petroleum Price Stabilization Fund for the aforementioned petroleum products, as stated in Section 1, the retail prices of popular petroleum products in the market shall not exceed:

- E5RON92 gasoline: not higher than 23,919 VND/liter

- RON95-III gasoline: not higher than 24,915 VND/liter

- Diesel 0.05S: not higher than 20,716 VND/liter

- Kerosene: not higher than 20,686 VND/liter

- Mazut 180CST 3.5S: not higher than 17,408 VND/kg

* Timeline

- Establishment of the Petroleum Price Stabilization Fund for the aforementioned petroleum products: Effective from 3:00 PM on April 25, 2024.

- Adjustment of retail prices for petroleum products: Conducted by petrol and oil key traders and distributors, but not earlier than 3:00 PM on April 25, 2024 for price increases and not later than 3:00 PM on April 25, 2024 for price reductions.

- Starting at 3:00 PM on April 25, 2024, the Ministry of Industry and Trade will announce the base price for the specified period in this Official Dispatch until the date of the next announcement of the base price. The adjustment of retail prices for petroleum products by petrol and oil key traders and distributors shall comply with the regulations stipulated in 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, and Circular 104/2021/TT-BTC.

- The Ministry of Industry and Trade will coordinate with relevant authorities to inspect and supervise the fulfillment of responsibilities in ensuring the supply of petroleum products to the market by petrol and oil key traders. Strict action will be taken against any violations.

Nguyen Ngoc Que Anh

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