No gas stations will sell RON 92 fuel from January 1, 2018.
E5 bioethanol currently accounts for 70% of the market. The Ministry of Industry and Trade affirms that there will be no hoarding of A92 gasoline by dealers for resale from January 1, 2018.
According to Deputy Minister of Industry and Trade Do Thang Hai, the petroleum industry will ensure that from January 1, 2018, there will be no more A92 gasoline and it will be completely replaced by E5 gasoline. Market management forces will conduct inspections nationwide to ensure that businesses and dealers no longer hoard or trade RON 92 gasoline, but must sell E5 gasoline from the first day of the new year 2018.
PVOIL started selling E5 gasoline on December 15th. Photo: Huy Hung/TTXVN |
In Hanoi, Ms. Tran Thi Phuong Lan, Deputy Director of the Department of Industry and Trade, said that the Department has requested gas stations in the city that have run out of RON 92 gasoline to clean their tanks and import E5 gasoline to replace mineral gasoline from January 1, 2018.
According to the government's biofuel transition roadmap, from January 1, 2018, E5 bioethanol will completely replace RON 92 gasoline. After this date, only E5 and RON 95 gasoline will be available on the market.
However, prior to that, from December 15th, E5 gasoline had been widely sold at gas stations of major petroleum companies, namely Vietnam National Petroleum Group (Petrolimex) and Vietnam Oil Corporation (PVOil). Currently, each liter of E5 gasoline is priced at 18,240 VND/liter, which is more than 1,000 VND lower than the price of RON 95 gasoline.
Deputy Minister Hai added that the current contribution to the fuel price stabilization fund for E5 bioethanol is the same as for other petroleum products, at 300 VND/liter. However, according to Deputy Minister Hai, the contribution level will be adjusted to suit people's needs at different times. If the stabilization fund has a large surplus, the reserve contribution will be stopped and the fund will be released to control the increase in fuel prices.
In 2017, there were 24 adjustments to domestic gasoline prices. Specifically, RON 92 gasoline saw 9 price reductions totaling nearly 2,290 VND/liter; 10 price increases totaling 3,904 VND/liter; and 5 times remained stable. Gasoline prices were kept unchanged during the last two price adjustments of 2017.
Compared to the end of 2016, current retail prices of petroleum products have increased by approximately 921 - 1,748 VND/liter or kg, depending on the product.
According to Hoang Duong/News Report
