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Tuesday, June 18, 2024

Fuel prices now adjusted every seven days

The Saigon Times

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HCMC – Starting from November 23, fuel price regulation will adhere to Decree 80/2023, with the fuel price adjustment cycle shortened from 10 to seven days, taking place every Thursday.

Under the new decree, if the intended fuel price adjustment date falls on the eve of Lunar New Year’s Day, the fuel price will be adjusted one day earlier. Conversely, if the adjustment date coincides with the first, second, or third day of the Lunar New Year, it will be postponed to the fourth day of the Lunar New Year.

Previously, fuel price adjustments occurred on the 1st, 11th, and 21st days of every month. In the event that the intended adjustment date fell on public holidays or non-working days, it would be rescheduled to the next working day. If it coincided with Lunar New Year, the adjustment date would be deferred to the subsequent cycle.

The Ministry of Industry and Trade highlighted that over the past few years, the fuel price adjustment cycle has been progressively shortened from 30 days to 15 days, then to 10 days, and now to 7 days.

This reduction in the interval between fuel price adjustments aims to assist local fuel traders in coping with the persistent fluctuations in global fuel prices, according to the ministry.

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