Gasoline prices rise
Vietnam gasoline prices continued to climb Thursday amid an increase in global fuel costs.
Fuel prices have climbed, with popular gasoline RON95 increasing by 3.94% to reach VND28,250 (US$1.09) per liter over the past week, according to the Ministry of Industry and Trade. E5 RON92 also saw a rise of 4.29% to VND27,700 per liter. However, diesel prices decreased by 1.99% to VND29,120 per liter. The global fuel market's fluctuations can be attributed to stalled U.S.-Iran negotiations and the European Union releasing diesel reserves.
Gasoline prices surged to $154 per barrel, while diesel prices dropped to $163.30 per barrel. Fuel oil experienced a 3.8% increase to $720.20 per metric ton. The government is drafting a decree to allow businesses to set fuel prices independently, based on factors such as purchase prices, operating costs, profits, and taxes. This proposed mechanism aims to align fuel prices more closely with market conditions while retaining government oversight.
Under the draft, fuel retailers would need to declare and justify any price changes, which could potentially lead to increased competition. However, some retailers worry about being at a disadvantage if major suppliers are permitted to set their own prices. The draft also seeks to minimize the number of intermediaries, grant distributors more autonomy, and boost competition.
The Ministry of Industry and Trade has suggested stricter supply capacity requirements for major fuel suppliers, mandating a minimum total supply of 300,000 cubic meters or metric tons annually.
Written by urgent.news from VnExpress Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
