Gasoline prices drop
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Gasoline prices dropped Tuesday after two hikes, while diesel fell to this year’s new low. RON95 gasoline was sold at VND23,440 ($0.99) per liter starting 3 p.m., down 1.35% from a week ago.
Biofuel E5 RON92’s price went down 1.23% to VND22,540. Diesel dropped 3.2% to VND28,860, its second decline in a row.
The Ministry of Industry and Trade and Ministry of Finance, which are in charge of adjusting retail fuel prices, said that average diesel prices in the last 10 days plunged 5% globally, while gasoline prices only dipped marginally.
They added that the costs of delivering fuel from foreign sources to Vietnam and refineries to ports were factored into retail prices Tuesday.
Many retailers had recently demanded that the government should fix a minimum commission of 5-6% of the retail price of petroleum products so that they do not have to sell at a loss.
But the Ministry of Planning and Investment opposed this when recently asked for its opinion on a bill on fuel management of the Ministry of Industry and Trade.
Questions & Answers
Q.Which government bodies are responsible for adjusting retail fuel prices?
Which government bodies are responsible for adjusting retail fuel prices?
The Ministry of Industry and Trade and the Ministry of Finance are in charge of adjusting retail fuel prices in the country.
Q.What was the reason given for the recent drop in diesel prices?
What was the reason given for the recent drop in diesel prices?
Average global diesel prices plunged 5% in the last 10 days, while gasoline prices only dipped marginally, according to the ministries.
Q.What factors are included when calculating the retail fuel prices?
What factors are included when calculating the retail fuel prices?
The costs of delivering fuel from foreign sources to Vietnam and from refineries to ports are factored into the retail prices.
Q.Did the government agree to retailers' demand for a minimum commission on petroleum products?
Did the government agree to retailers' demand for a minimum commission on petroleum products?
The Ministry of Planning and Investment opposed this demand when asked for its opinion on a fuel management bill.
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