Vietnam's gasoline and oil prices are lower than most countries in the region
Faced with the complex and difficult developments in the world energy market, in recent days, the Government and the Prime Minister have directed the implementation of many timely, flexible, appropriate and effective response measures. Basically, to date, the situation is well controlled, and energy security is guaranteed.
Many gasoline and oil price support measures have been applied, such as deducting from the Price Stabilization Fund and adjusting taxes and fees for gasoline and oil products. Currently, Vietnam's gasoline and oil prices are lower than most countries in the region. This is a very great effort in the current context.
The Government has issued 1 decree, 2 resolutions, and the Prime Minister has issued 1 directive and many documents and telegrams directing the handling of new developments on the same day. The Prime Minister continuously had phone conversations and sent letters to leaders of many countries, as well as worked with corporations and ambassadors of some countries in Vietnam related to the energy and gasoline sectors to cooperate in response.
At the meeting of the Standing Committee of the Government on March 21, Prime Minister Pham Minh Chinh requested the Ministry of Industry and Trade to continue to closely monitor and forecast the situation and developments of the world and domestic gasoline and oil markets, proactively assess supply and demand and world gasoline and oil prices to proactively build effective response scenarios.
Direct key petroleum production and trading traders to proactively develop goods supply plans, ensure full supply of petroleum to the distribution system; maintain regular sales activities, sell at listed prices; closely monitor the developments of the world and domestic petroleum markets, proactively have appropriate management solutions; promptly regulate supply between regions and localities, ensuring proactiveness, not allowing shortages or breakdowns in petroleum supply, meeting the needs of the economy and social consumption.
The Ministry of Industry and Trade presides over and closely coordinates with the Ministry of Finance and relevant ministries and sectors in managing gasoline and oil prices in accordance with the law to ensure energy security...
Coordinate with the Ministry of Finance and relevant agencies to accelerate the supplementation of national gasoline and oil reserves, and complete the mechanism for exporting and allocating national reserves for gasoline and oil in emergency cases according to the Law on National Reserves. In the long term, it is necessary to plan and build a reserve warehouse system.
Proposal to advance state budget to support the gasoline and oil price stabilization fund
Regarding the source of funding to support gasoline and oil price stabilization, the Prime Minister previously agreed in principle with the proposal of agencies on applying the State budget (the source of increased revenue in 2025) to the gasoline and oil price stabilization fund, when the crisis passes, it will take the Fund's source to return to the budget. The expected application time is until the end of April 15, in case of prolongation, the Government will base on the actual situation to continue applying and report back.
In Resolution No. 55/NQ-CP, the Government stipulates the adjustment of gasoline and oil prices when the base price of one of the commonly consumed gasoline and oil items on the market increases by 15% or more compared to the base price announced in the previous operating period. The management of gasoline and oil prices and the announcement of gasoline and oil base prices are chaired by the Ministry of Industry and Trade, in coordination with the Ministry of Finance, immediately after the base price increases by 15% or more.
Thus, if the base price increases by 15% or more, domestic gasoline and oil prices will be adjusted immediately one day later, instead of a fluctuation of 7% as before. In the opposite direction, adjusting gasoline and oil prices immediately after the base price decreases by 10% or more.
In Conclusion No. 14-KL/TW dated March 20, the Politburo assigned the Standing Committee of the Government Party Committee to urgently lead and direct agencies to closely monitor and forecast the situation, supply and demand developments and world gasoline and oil prices to proactively build effective response scenarios...
