The government requires petroleum businesses to standardize their pricing methods.

The Ministry of Finance has just issued công văn (official letter) No. 10691/BTC-QLG requiring key enterprises, when calculating the base price used as a basis for managing domestic gasoline and diesel prices, to comply with the regulations in Circular No. 234/2009/TT-BTC.

As required by the Ministry of Finance, the base price must be calculated correctly according to the formula and standards, including taxes, fees, the Price Stabilization Fund, business costs, standard profit margins, and other taxes and fees as stipulated by current law.

(Illustrative photo: Hoang Hung/VNA)

Furthermore, the base price must be calculated based on the 30-day average of world oil prices; calculations based on other cycles are only for reference. When proposing price adjustments, they must be based on the 30-day average price.

Using world fuel prices as published in Platt's Bulletin, the base price is calculated to reflect the quality standards for domestically consumed fuel types, and is calculated as follows: For gasoline, use the Platt's price of RON 92 gasoline (Mogas 92); for diesel fuel, use the Platt's price of 0.05S diesel (DO 0.05%); and for fuel oil, use the Platt's price of 180 cst 3.5%S fuel oil (FO 180 cst 3.5%S).

Earlier, at the government press conference on the afternoon of July 31, Deputy Minister of Finance Vu Thi Mai stated that, based on the difference between the base price and the current retail price, businesses can independently decide when to adjust gasoline and diesel prices, with a minimum interval of 10 days between increases and decreases.

In Notice No. 10235 dated August 1st, the Ministry of Finance also requested that key petroleum businesses proactively review their registered pricing plans and calculation methods to ensure that domestic gasoline and diesel prices are consistent with fluctuations in the base price and comply with the regulations in Decree No. 84/2009/ND-CP.

Since the beginning of July, domestic gasoline and diesel prices have been adjusted three times, including one price reduction on July 2nd and two price increases on July 20th and August 1st.

Currently, the price of RON 92 gasoline in Zone 1 is 21,900 VND/liter; diesel is 20,800 VND/liter, while kerosene and fuel oil are priced at 20,650 VND/liter and 18,150 VND/kg respectively.

According to Vietnam+ (NT)