On the afternoon of February 22, the Ministry of Finance and the Ministry of Industry and Trade jointly announced changes to retail gasoline prices in the new adjustment period. The effective time will start from 3:00 p.m.
Specifically, the management agency decided to reduce the price of E5 RON 92 gasoline by VND356/liter to VND22,475/liter; and reduce the price of RON 95 gasoline by VND320/liter to VND23,599/liter. This is the second time gasoline prices have decreased since the beginning of 2024.
Similarly, diesel price decreased by 451 VND/liter, down to 20,910 VND/liter; kerosene decreased by 300 VND/liter, down to 20,921 VND/liter. Meanwhile, fuel oil increased by 23 VND/kg, up to 15,929 VND/kg.
In this management period, the joint ministries only allocated a price stabilization fund for fuel oil at 300 VND/kg. The management agency did not allocate or spend the price stabilization fund for all remaining fuels.
Recently, the Ministry of Industry and Trade issued a document requesting key traders and petroleum distributors to inspect and review the current status and conditions for granting business licenses for petroleum export and import, and certificates of eligibility to act as key traders and petroleum distributors.
The main trader will have to report in detail on the conditions of having a dedicated wharf (ownership, lease, capacity to receive oil tankers); oil receiving warehouse (quantity, ownership, lease from which enterprise, where, lease period); means of transporting oil (quantity, ownership, lease, type of vehicle, lease period).
Key traders must also report specifically on the petroleum distribution system, including listing owned stores, rented stores (for 5 years or more), petroleum retail agents, petroleum retail franchisees, and petroleum general agents.
In addition, the distributor must report the trader's petroleum distribution system with information on owned stores, rented stores, stores affiliated with the petroleum retail agent, stores affiliated with the trader that has received the retail franchise for petroleum, etc.
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