petrol and oil

Retail petrol prices rose from 3 pm on September 5 following the latest adjustment by the inter - Ministries of Finance and Industry and Trade.

Vietnam's petrol and oil imports increased sharply in the first two months of 2023, reaching US$1.7 billion, a surge of 56.3% year on year, the Ministry of Industry and Trade (MoIT) has reported.

The Vietnam Directorate of Market Surveillance signed official letter No. 548 requesting inspection and issuing harsh penalties on sellers of substandard petroleum.

Prime Minister Pham Minh Chinh said the country's electricity prices cannot be like that of developed countries.

The retail prices of petrol and oil dropped in the latest adjustment by the Ministries of Industry and Trade, and Finance on November 21 after four consecutive hikes

The retail prices of RON 95 petrol and all oil products increased in the latest adjustment on July 11 by the Ministry of Industry and Trade and the Ministry of Finance.

Chairman Phan Van Mai of HCMC People’s Committee suggested encouraging mechanisms, policies for the exploitation of HCMC’s rooftop solar energy in a seminar with NA's Standing Committee on energy development in the 2016-2021 period.

Seeing that the fuel demands these days cannot be satisfied due to limited supply nationwide, many people in the Northern region are trying to buy petrol and oil in large amounts and then reselling to needy people via different kinds of small containers without formal permission from the authorities.

Retail petrol prices in Vietnam are forecast to decrease from April 21 following falling prices in the world market.

Over the past 2-3 days, various petrol agents and retail businesses have reported that petrol discounts have dropped to between VND200 and VND300 per liter.

Petrol prices were reduced in the latest adjustment from 15:00 on May 4 by the Ministry of Industry and Trade, and the Ministry of Finance.

The Ministry of Industry and Trade (MoIT) asked the Ministry of Finance (MoF) and the State Bank of Vietnam (SBV) to review and adjust the cost of importing petrol and oil, standard business costs and profit based on trading realities.

The Ministry of Industry and Trade asked authorized agencies to pay unscheduled visits to businesses to prevent speculation and hoards of goods.

The Government assigned the Ministry of Industry and Trade to work with agencies and localities in finalizing a plan to adjust the average retail electricity price in accordance with the new price bracket and the provisions of the law.

The Market Management Department of Ho Chi Minh City last night said that there is currently a shortage of petrol and oil at certain times of the day. Also, 54 gas stations in the city has reported a temporary out-of-stock state.

Many domestic and foreign businesses and experts have proposed investment in infrastructure development as a solution to promote export growth.

The Ministry of Finance has just announced the balance of the petrol price stabilization fund by the end of the second quarter of the year to implement the principle of publicity and transparency in the administration of petrol and oil prices following Decree No.83 and Decree No.95 of the Government.

Vietnam needs to seek funds to increase the national reserve of petroleum to deal with urgent situations in the context of fluctuating global markets.