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.

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

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).

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.

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.

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.

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.

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

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

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 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.

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

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.

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.

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 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.

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.

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.

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.