Vietnam petrol retailers asked to disclose RON95 base price

Friday, 2018-01-12 11:50:07
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NDO – The base prices of fuel products, including E5 bio-fuel, RON 92 and RON 95 petrol, must be publicised in accordance with the Government Decree No.83 on gasoline trading.

Deputy Prime Minister Vuong Dinh Hue made the request at the meeting with the Ministry of Industry and Trade (MoIT) and Ministry of Finance (MoF) on the price management of gasoline products on January 11.

The meeting was held one day after the MoIT issued a document to explain why it did not announce the base price of RON 95 petrol in the first adjustment of fuel prices this year on January 4.

The Deputy PM asked the MoIT, in coordination with the MoF and other authorised agencies, to continue monitoring the consumption of E5 bio-fuel, RON 92 and RON 95 petrol and the Euro emission standards in the first quarter of 2018 to declare the base prices of fuel products aligned with the market developments.

"The regulation of E5 bio-fuel, RON 92, and RON 95 petrol must be in line with the use of the national fuel price stabilisation fund. The base prices of gasoline products should be publicised pursuant to the Government Decree No.83 and the associated guiding documents", Hue emphasised.

In the latest price adjustment of fuel products on January 4, the MoIT only revealed the base prices and retail prices of E5 bio-fuel, RON 92 petrol, and oil products without the base prices of RON 95 petrol, the only fossil fuel sold in the market after RON 92 petrol was replaced by E5 bio-fuel since early 2018.

Hue also requested that the MoIT and MoF boost the information on the benefits of E5 bio-fuel to increase consumption, while increasing the control of fuel quality to avoid fraud and ensure the inputs for the bio-fuel blend.