petrol price

Update news petrol price

Vietnam still lacks a fully functioning fuel market

The discount rate depends on many factors, including supply and demand, competition, enterprises’ financial situation and inventory levels.

Special consumption tax on gasoline still in place

The Ministry of Finance refused to lift the special consumption tax on gasoline at the second extraordinary meeting as the country fights climate change and commits to net zero emissions by 2050.

New petroleum management policy debated

The Ministry of Industry and Trade (MOIT) is amending regulations on petroleum trade management and collecting opinions from relevant branches. Viewpoints vary.

Ministry calls for easing government control on fuel prices

The Ministry of Industry and Trade (MoIT) called for the fuel price cycle to be shortened from 10 days to 7 days, on Thursday every week (except for public holidays).

Petrol price adjustment cannot be applied to electricity

Minister of Industry and Trade Do Thang Hai said an electricity price adjustment is being considered, but noted that it is impossible to adjust the electricity price in a short cycle as is now being done to gasoline prices.

Petrol distributors receive licenses but fail to satisfy requirements

The Ministry of Industry and Trade (MOIT), which has finished the largest inspection ever of petrol distributors, said that many enterprises couldn’t satisfy requirements but were still allowed to distribute products.

Fuel prices drop to two-year lows

Domestic fuel prices were revised down by VND937-1,661 per liter or kilogram on December 12. The reductions sent fuel prices plunging to two-year lows.

Fuel price cycle to be shortened, removed in the long run

The Ministry of Industry and Trade has proposed a new price mechanism to adjust fuel prices every 5 days instead of the current 10-day cycle, or possibly every day to finally address a number of issues that resulted in sporadic fuel shortages.

Gasoline market under pressure ahead of November 21 operating period

Due in part to Nghi Son Refinery & Petrochemical's financial and capital losses, people are still struggling to buy gasoline.

Gasoline shortages and market-economy thinking

Office workers complain that they have to queue up for a long time to fill up their motorbikes and cars.

Mekong Delta highly likely to face large-scale petroleum supply disruption

In recent days, many petrol filling stations in the Mekong Delta region have closed and stopped selling, partly because of losses, and partly because of supply shortages, leading to the prospect of large-scale disruptions in the region.

Prime Minister calls for stronger efforts in stabilizing fuel market

Prime Minister Pham Minh Chinh told the Ministry of Industry and Trade to make stronger efforts to stabilize the fuel market and ensure the operation of fuel retailers and gas stations.

Vietnam to cut short petroleum price adjustment cycle

The Government will consider shortening the petroleum price adjustment cycle to match the actual situation in the market, said Prime Minister Pham Minh Chinh.

Ministry points out reasons for gasoline retail disruptions

The Ministry of Industry and Trade yesterday held a news conference where the media mostly grilled the ministry over the temporary closures of many gas stations in southern Vietnam.

Ministries work to ensure petrol supply and maintain operation at retail stations

The Ministry of Industry and Trade and the Ministry of Finance said they would raise the price of fuel from October 11 to help increase commissions for retailers to ensure supply at retail stations nationwide.

Hundreds of gas stations in Mekong Delta provinces ask to halt operations

On October 7, in Rach Gia City in Kien Giang Province, several gas stations, which rarely run out of gasoline, also have to sell gasoline moderately.

Petrol prices fall to over a year record low of VND21,000/litre

Petrol prices tumbled to the lowest level in more than a year in the latest adjustments made on October 3 by the Ministries of Industry and Trade and the Ministry of Finance.

Gasoline prices ‘hot’, retailers demand higher discounts

Petroleum retailers want a minimum discount of VND700 per liter of gasoline sold to break even, VND1,000 per liter to cover expenses, and over VND1,000 per liter to make a profit.

Licenses of 5 petrol distributors to be revoked at 'reasonable time': official

The top priority is ensuring sufficient petroleum supply and revoking business licenses of five distributors at a "reasonable time", said Deputy Minister of Industry and Trade Do Thang Hai.

Petrol retailers demand major changes

Retail petroleum businesses have asked to stop contributing to the petrol price stabilisation fund, increasing the commission to reduce losses and permanently withdrawing the licence of unprofitable retailers.