Written by: Basant El-Farmawy
The official authorities responsible for the energy and trade sector in Vietnam announced a new adjustment in retail prices for petroleum products, which enters into force starting at 3 PM, amidst careful monitoring of global and local market developments and ensuring supply stability.
Details of Gasoline and Diesel Price Adjustments
Prices witnessed a variation between decrease and increase depending on the fuel type; it was decided that the maximum price for E5 RON 92 gasoline would reach about 25,361 Vietnamese Dong per liter, recording a decrease of 1,610 Vietnamese Dong compared to the previous price. In the same context, the maximum price for E10 RON 95 gasoline reached about 25,213 Vietnamese Dong per liter, a decrease of 1,816 Vietnamese Dong.
On the other hand, heavy fuel and diesel prices headed upward; the maximum price for diesel fuel reached 29,550 Vietnamese Dong per liter, achieving a noticeable increase of 444 Vietnamese Dong. The price of fuel oil also rose to reach 23,373 Vietnamese Dong per kilogram, an increase of 1,238 Vietnamese Dong from the previous price.
Price Stabilization Fund Mechanisms and Oversight
Coinciding with the new package of price adjustments, it was decided to allocate resources to the Fuel Price Stabilization Fund to support essential goods, where allocations of 300 Vietnamese Dong per liter were earmarked for gasoline, while allocations for diesel and fuel oil remained at zero, with no additional amounts being disbursed at this stage.
The competent regulatory authorities continue to intensify inspection campaigns and field monitoring to verify the compliance of the network of traders and distributors of petroleum products with regulatory decisions, ensure the regular flow of supplies to fully meet the needs of the local market, and deal firmly with any potential violations in accordance with applicable legislation.
