Gasoline prices increase, to be adjusted every 10 days

From 3 pm yesterday, the price of gasoline in the domestic retail market has simultaneously shot up around VND600 a liter. Moreover, prices will be modified every ten days.
Gasoline prices increase, to be adjusted every 10 days ảnh 1 Gasoline prices increase from Tuesday afternoon
The Inter-Ministry of Industry and Trade - Finance made a decision to adjust the selling price of gasoline and oil in the domestic market to match the world gasoline price on January 11.
From 3 pm, the new price of E5RON92 gasoline is VND23,159 a liter, up VND609 a liter while RON95-III gasoline is VND23,876 per liter, up VND581 a liter and 0.05S diesel oil is VND18,239 a liter, an increase of VND660 a liter. Kerosene price increases to VND17,138 a liter, a surge of VND620 a liter, and fuel oil 180CST 3.5S price hits VND16,362 per kg, up VND617 a kg.
At this price adjustment, the inter-ministerial regulations set aside VND100 a liter of E5RON92 gasolinethe for establishment of petrol and oil price stabilization fund,  VND450 a liter of RON95 gasoline, VND100 a liter of diesel oil, and VND500 a kg of fuel oil and do not spend the fund on subsidizing the prices of all petroleum products.
The Ministry of Industry and Trade and the Ministry of Finance decided to use the Price Stabilization Fund for petroleum products properly so that the domestic petrol price changes following the trend of the world petrol price.
Moreover, the two ministries must ensure to maintain the fund tool at an appropriate level to control gasoline prices shortly, especially on the occasion of the 2022 Lunar New Year.
At the same time, the ministries will manage gasoline prices for ensuring the control of inflation and stabilizing the market from the beginning of 2022 in an effort to support residents and businesses that are facing difficulties due to the impact of the Covid-19 epidemic.
Additionally, the ministries will continue to maintain the price difference between E5RON92 ethanol gasoline blend and RON95 mineral gasoline at a reasonable level to encourage people to use the blend for environmental protection according to the Government's policy.
According to the provisions of Decree No. 95/2021 dated January 1, 2021, of the Government amending and supplementing some articles of Decree No. 83/2014 on petrol and oil trading, the announcement of base prices of petroleum products will be made on the first, eleventh and twenty-first every month from January 2022 to follow the world petrol price more closely. Previously, domestic gasoline prices had been adjusted every 15 days.

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