VINACHEM

The Ministries of Industry-Trade and Finance have proposed monitoring the supply and consumption of RON95 gasoline in the first quarter of 2018 to set its base price, according to a report on fuel price adjustment sent to the Government by the Finance Ministry.

Since early February 2017, domestic fuel prices have been adjusted four times. All the adjustments ensured flexibility and struck a balance between traders and consumers’ interests, according to news website Dan Tri.

Since Vietnam replaced RON92 gasoline with E5 bio-fuel early this year, RON95 gasoline consumption has increased significantly. However, the ministries have not set the base price for A95 gasoline, prompting public speculation that fuel price management is not transparent.

Therefore, the ministries are collecting data and information about the emissions standards, supply and consumption, import, costs, tax, and others to set the appropriate base price for RON95 gasoline.

The two ministries have also asked for the Government’s permission to use the fuel price stabilization fund flexibly to keep retail fuel prices stable before, during and after the Lunar New Year. - VNN -