General inspection to completely eliminate A92 gasoline from January 1, 2018

The petroleum industry guarantees that from January 1, 2018, there will be no more A92 gasoline on the market and this type of gasoline will be completely replaced by E5 gasoline.

That is the information given by Deputy Minister of Industry and Trade Do Thang Hai. Deputy Minister Do Thang Hai said that the market management force will conduct inspections nationwide, ensuring that businesses and agents no longer stockpile and trade A92 gasoline but must sell E5 gasoline from the first day of the new year 2018.

E5 gasoline will replace all A92 gasoline from January 1, 2018.

Meanwhile, up to today, E5 gasoline has participated in 70% of the market. In the near future, Mr. Hai said that the Ministry of Finance and the Ministry of Industry and Trade will calculate to announce the new base price of gasoline for E5 gasoline (because A92 is no longer available), the price of oil that ensures Euro 2 emissions.

Regarding the Petroleum Price Stabilization Fund, the joint ministries will also make provisions for E5 gasoline and Euro 2 emission oil. However, Deputy Minister Do Thang Hai said that depending on the time, the provision level must be built to suit the reality and people's needs. Currently, the provision level is 300 VND/liter. If the Petroleum Price Stabilization Fund has a large surplus, the provision will stop and the fund will be released to control the increase in petroleum prices.

Regarding the results of gasoline price management in 2017, the Ministry of Industry and Trade and members of the Steering Committee said that the management method has stabilized, complied with market rules, and has been confidently accepted by the market and people.

In 2017, the Ministry of Industry and Trade coordinated with the Ministry of Finance to issue 24 documents to regulate domestic gasoline prices, of which RON 92 mineral gasoline had 9 price reductions (totaling about VND 2,918/liter), 10 price increases (about VND 3,904/liter) and 4 price stabilizations.

Diesel prices have been adjusted down 7 times (totaling 2,390 VND/liter), increased 15 times (4,126 VND/liter) and stabilized once.

Compared to the end of 2016, the current retail price of petroleum products has increased by about 921-1,748 VND/liter, kg depending on the product, an increase of 5.32%-16.44%.

As of December 15, 2017, the joint ministries have spent the Price Stabilization Fund in adjustments from 27 to 604 VND/liter, kg to limit price increases during holidays and Tet. The balance of the Price Stabilization Fund for Petroleum as of September 30, 2017 is 5,222.545 billion VND.

According to Traffic Newspaper