Due to unpredictable movements of world gasoline prices, the Ministry of Finance and the Ministry of Industry and Trade reported to the Prime Minister to change the time of price management.
The adjustment date for gasoline prices is normally on the 1st, 11th and 21st of every month, but the adjustment period on January 21 (December 30) coincides with the Lunar New Year holiday in 2023. Therefore, according to the provisions of Decree No. 95, the adjustment time for gasoline prices will be postponed to the next working day, ie February 1st.
However, in the period from January 11 to January 30, the world petroleum market fluctuated sharply, at the request of the leader of the Ministry of Industry and Trade, the Prime Minister allowed the inter-Ministry of Finance and the Ministry of Industry and Trade to adjusted on January 30.
Therefore, this afternoon (February 1), the inter-Ministry of Finance and the Ministry of Industry and Trade will not implement petrol price regulation. The domestic price of E5 RON 92 gasoline remains at 22,320 VND / liter, RON 95 gasoline costs 23,140 VND / liter, diesel oil 22,520 VND / liter.
In fact, the adjustment of gasoline prices 2 days earlier than expected is not wrong compared to the regulations. Specifically, Decree 95 stipulates: “In case the prices of petroleum products have abnormal fluctuations, greatly affecting socio-economic development and people’s lives, the Ministry of Industry and Trade is responsible for reporting to the Prime Minister. The Prime Minister considers and decides the appropriate time to administer petrol and oil prices.
At the price management session on January 30, the average world price of petroleum products between the two periods on January 11 and January 30 was: 98.8 USD/barrel of RON 92 gasoline used to prepare E5 RON 92 gasoline. (an increase of 10 USD/barrel, equivalent to an increase of 11.5% compared to the previous period); 102.3 USD/barrel of RON 95 gasoline (up 10 USD/barrel, equivalent to 11.1% increase).
Although the management agency did not set aside and spend the stabilization fund at 850 VND/liter and 950 VND/liter, respectively, for gasoline E5 RON 92 and RON 95, domestic fuel prices still increased sharply.
Over the past time, the world petroleum market has been influenced by factors such as: China reopened its economy after 3 years of applying measures to prevent the Covid-19 epidemic; the impact of Western-imposed price ceilings on Russian oil; A weaker dollar plus OPEC + is expected to keep its policy of cutting output in the context of continued improvement in consumption demand…
“These factors affect the price of gasoline to fluctuate, but generally increase,” the Ministry of Finance and the Ministry of Industry and Trade acknowledged.