Gasoline price drops to 22,000 VND/liter
From 3pm on March 21, E5 RON 92 and RON 95 gasoline decreased by 780 VND/liter. Since the beginning of the year, the price of this product has increased 5 times, decreased 3 times and remained unchanged once.
On the afternoon of March 21, the Ministry of Finance and Industry and Trade adjusted retail gasoline prices periodically.
Accordingly, the regulatory agency decided to reduce 780 VND per liter of E5 RON 92 gasoline and RON 95 gasoline. After adjustment, the maximum retail price for E5 RON 92 gasoline is 22,020 VND/liter and for RON 95 gasoline is 23,030 VND/liter.
Similarly, oil prices were also adjusted down, with a stronger decrease than gasoline prices at VND1,200/liter. Specifically, diesel oil decreased to VND19,300/liter, kerosene to VND19,460/liter.
Thus, domestic gasoline prices have turned down after only one increase. Since the beginning of the year, this commodity has increased 5 times, decreased 3 times and remained unchanged once. Currently, the room for gasoline price stabilization funds of some key enterprises continues to be large. Of which, as of March 13, Petrolimex was positive 2,290 billion VND, PVOil was negative 411 billion VND, Saigon Petro was 301 billion VND, Petimex was 382 billion VND...
In the world market, the banking crisis and recession fears have covered the energy market. According to data fromTrading EconomicsOn March 20, the global benchmark Brent crude oil price fell sharply to more than $70/barrel, marking its lowest level since late 2021, before rebounding somewhat to $71.6/barrel.
The price of US benchmark WTI crude oil also fell sharply to more than $64/barrel, reaching a 16-month low. By March 21, the price of this commodity had recovered to around $3/barrel.
Recently, domestic petroleum retail businesses continued to submit a petition to the Prime Minister for consideration, requesting the refund of profits and standard business expenses to retail businesses.
According to businesses, Circular 104 stipulates that the standard business cost is 1,050 VND/liter and the standard profit is 300 VND/liter. In the above cost section, the regulation clearly states that it includes both wholesale and retail.
However, the circular does not clearly state the division ratio between wholesale and retail, so key enterprises have taken full advantage of this loophole to enjoy almost all of this cost.
Accordingly, businesses proposed that the Ministry of Finance and the Ministry of Industry and Trade establish a council to redistribute the value of VND1,350 in standard costs and standard profits. This will serve as a basis for dividing this basic cost in the new decree.
