Ministry explains delay in announcing RON 95 petrol base price

21-Apr-2018 Intellasia | The Saigon Times | 6:00 AM Print This Post

The Ministry of Industry and Trade has given an explanation for its delay to publicise the RON 95 gasoline base price said to be a factor behind fuel traders’ price manipulation, according to Nguoi Lao Dong newspaper.

After a meeting of the Ministries of Industry and Trade and Finance on March 28, the Ministry of Industry and Trade sent a report on the calculation of base prices of fuels to deputy prime minister Vuong Dinh Hue, head of the steering committee for price management. The report was expected to set the base price for this high-quality fuel.

However, on April 11, the ministry was asked to continue consulting relevant agencies about the base prices of fuels. Therefore, the ministry is consulting relevant agencies and will submit results to the prime minister for consideration and approval soon.

Deputy prime minister Hue earlier assigned the ministry to coordinate with the Ministry of Finance and relevant agencies to closely monitor sales of E5 bio-fuel and RON 95 gasoline in the first quarter of this year. After that, they will work together to calculate the base prices of fuels in accordance with market conditions and prevailing regulations.

Earlier this year, deputy PM Hue directed the ministry to publicise the RON 95 gasoline base price right after the first quarter of the year following complaints by consumers over the high price of RON95.

However, the ministry has not set the base price as a regulatory frame. Instead, at the latest price adjustment period, the ministry only advised fuel traders not to raise the selling price of RON 95 by more than VND526 per litre.


Category: Business, Vietnam

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