Gasoline prices decline
Vietnam gasoline prices fell Thursday afternoon amid a decline in global fuel prices.
Gasoline prices have dipped 4.35% in the past week, reaching VND27,020 (US$1.04) per liter for E10 RON95, according to the latest data. E5 RON92 saw a 2.64% decrease to VND26,970 per liter, while diesel remained relatively stable with a 0.07% reduction to VND29,100 per liter. These changes stem from global fuel market dynamics, including a Russian diesel export agreement and OPEC's revised forecast for oil demand growth.
The Ministry of Industry and Trade, along with the Ministry of Finance, hinted at changes to the fuel trading system. They are drafting a decree that would allow businesses to set their own selling prices instead of government-determined caps. Major fuel traders would need to notify the public at least 30 minutes before price changes, ensuring transparency and preventing abrupt price fluctuations.
The proposed changes also aim to reduce intermediaries, grant fuel distributors more independence, and promote competition. To enforce these changes, the draft mandates fuel traders to maintain detailed records of supply capacities, proposing a minimum annual supply of 300,000 cubic meters or metric tons.
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