No increase in petrol prices right after Tet
This afternoon (February 15), the operator decided to increase the release of the stabilization fund to keep domestic retail prices of gasoline and oil stable.
According to the announcement just issued by the Ministry of Industry and Trade - Ministry of Finance, domestic retail prices of gasoline and oil remain stable for the fourth consecutive time.
Specifically, the maximum retail price per liter of E5 RON 92 gasoline is 16,272 VND; RON 95 gasoline is 17,603 VND. Oil products fluctuate at 13,275-14,909 VND per liter/kg depending on the type.
To maintain price stability, the operator continues to increase expenditures from the Petroleum Price Stabilization Fund. The fund disbursement for E5 RON 92 gasoline increased by VND259 per liter; for RON 95 gasoline, it was VND350 per liter. The fund disbursement for petroleum products also increased by VND351-503 per liter/kg. In addition, petroleum products continue to receive an additional VND300 per liter/kg from this fund according to current regulations.
Thus, domestic retail prices remain unchanged despite the increase in world prices. Data from the inter-ministerial committee shows that the average world price of RON 92 gasoline (used to blend bio-fuel) in the past 15 days was 61.36 USD per barrel, up 2.83% compared to the previous period. RON 95 was 63.27 USD per barrel, up 2.96%. Oil products also increased by 3-5%. The price of Ethanol E100 used to calculate the base price of E5 RON92 gasoline is 14,765 VND per liter (excluding VAT).
 |
| Illustration |
The joint ministries explained that keeping domestic retail prices unchanged is aimed at regulating gasoline prices according to the market mechanism under State management, controlling inflation, stabilizing the macro-economy and reducing input costs for production and business enterprises.
"After Tet, prices of some essential goods remain high compared to before Tet. The increase in gasoline prices may impact some macroeconomic indicators in the first quarter of 2019," said a representative of the Ministry of Industry and Trade and the Ministry of Finance.
Previously, the Price Management Department (Ministry of Finance) announced that the balance of the Petroleum Price Stabilization Fund at the end of 2018 was more than 3,500 billion VND, a decrease of 1,600 billion VND compared to the same period in 2017. In 2018, the third quarter was the period when the Stabilization Fund had to be used the most (about more than 773 billion VND).
