The Ministry of Finance yesterday sent an official dispatch to the Ministry of Industry and Trade about the normative cost calculation of the base price of petrol which was proposed to apply from November 11.
The retail price of petrol saw a slight decrease following the latest regular adjustment at 3 pm on March 1 by the Ministry of Industry and Trade and the Ministry of Finance.
In the latest petrol price adjustment on January 11 by the Ministry of Industry and Trade and the Ministry of Finance, the price of petrol remained unchanged compared with those of the last adjustment.
The price of petrol decreased by more than VND1,000 (US$0.04) per liter from 3 pm on December 1 following the latest adjustment of the Ministries of Industry and Trade, and Finance.
Authorities said that they have been using procedural policy tools to remove difficulties for petroleum businesses so that the market will soon stabilize again. But the market is stable afterward, economists said that the current petroleum distribution system should be arranged.
The Ministry of Industry and Trade and the Minsitry of Finance would increase the transportation cost of gasoline from the factory to ports and the domestic premium in the base price of petroleum products at the price management period starting on October 11, the Ministry of Industry and Trade affirmed.
Retail prices of oil and petrol dropped from 3 pm on October 3 following the latest adjustment by the Ministry of Industry and Trade, and the Ministry of Finance. The retail price of petrol is about VN22,000 a liter. However, the prices of many goods in Ho Chi Minh City have only decreased slightly, and even some items have increased.
In order to keep abreast of global petrol prices, the ministries of Industry and Trade and Finance decided to continue reducing retail fuel prices from 3 p.m. on December 21, but the reduction level is extremely low.
Although the price of petrol has fallen since July 11, several business associations and agencies proposed reductions in taxes and fees to support businesses because of unpredictability and fluctuations in gasoline prices.
According to a report of the Ministry of Industry and Trade at a press conference on November 15, while fuel prices increase, and the USD/VND exchange rate climbs, many fuel enterprises face difficulties in accessing foreign currency and credit sources (businesses are not eligible for loans at credit institutions).
Although petrol prices surge in the latest adjustment yesterday afternoon, long lines of people queuing at gas filling stations were seen in the capital city of Hanoi.
The Saigon Newport Corporation yesterday said that the continuous rise in petroleum price has led to a surge in the input costs on fuel, freight, loading and unloading at the ports and Inland Container Depot (ICD). Therefore, the unit would be forced to increase the container freight rates from ten to 30 percent over the current price from April 1.
The Government has recently issued Decree No.51/2022/ND-CP amending the most-favored-nation (MFN) tariffs for gasoline products in group 27.10 in the MFN tariff according to the list of taxable products.
Minister of Industry and Trade Nguyen Hong Dien yesterday directed to set up three inspection teams to check petroleum businesses across the country following information that many petrol filling stations stop selling for the hoard of goods.
The domestic petroleum market has undergone many changes in the last few years. However, some inadequacies still remain in its operations and need to be removed.
It was recorded that, on the last two days of the week in Ho Chi Minh City, the number of people flocking to traditional markets, supermarkets, and trade centers increased sharply. Essential consumer goods, such as cooking oil, rice, eggs, fish, and meat, were consumed well, but prices did not hike unexpectedly.
The fact that gasoline prices exceeded VND32,000 per liter, and some places even listed VND33,000 per liter while oil prices climbed sharply by more than VND2,000 per liter as of 3 p.m. on the afternoon of June 13 has made consumers worry.
The prices of petrol products in Vietnam soared sharply on the afternoon of May 11, with an increase of about VND1,500 (US$0.065) per liter, so it sent the retail gasoline prices in the domestic market back to near VND30,000 ($1.3) per liter.
