The popular fuel RON95 added 3.94% from a week ago to VND28,250 (US$1.09) per liter.
E5 RON92 went up 4.29% to VND27,700. Diesel fell 1.99% to VND29,120.
The Ministry of Industry and Trade and the Ministry of Finance said the global fuel market has continued to be affected in recent days by developments including stalled negotiations between the U.S. and Iran and the E.U.’s release of diesel reserves.
RON 95 gasoline rose 4.6% to $154 a barrel, while diesel fell 2.2% to $163.30 a barrel. Fuel oil increased 3.8% to $720.20 a metric ton.
The Ministry of Industry and Trade is finalizing a draft decree on fuel trading that would allow businesses to calculate and set their own selling prices, replacing the current system under which the government announces maximum prices every seven days.
The proposed mechanism aims to bring fuel pricing more closely in line with market conditions while maintaining government oversight.
Under the draft, businesses must determine selling prices based on factors such as purchase prices, operating costs, profits and taxes.
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An employee refills a car at a fuel station in HCMC in April 2020. Photo by Read/Quynh Tran |
When adjusting prices, traders must declare and explain changes in these components. The government would no longer directly set selling prices but would continue to monitor them and introduce stabilization measures when necessary.
However, many fuel retailers fear being squeezed in competition if major fuel suppliers are allowed to set their own prices.
The draft also seeks to reduce the number of intermediaries, give distributors greater autonomy and increase competition.
The Ministry of Industry and Trade has proposed stricter supply capacity requirements for major fuel suppliers, including a minimum total supply of 300,000 cubic meters or metric tons annually, to restructure the market and ensure fuel supplies.