HCMC – Domestic fuel prices will only be adjusted within one day when the base price rises by 15% or more, up from the previous 7% threshold, under a Government resolution issued on March 19.
Resolution 55/NQ-CP amends earlier provisions in Resolution 36/NQ-CP on fuel price management, reported the Vietnam News Agency.
The Government assigned the ministries of Industry-Trade and Finance to implement the change immediately after the resolution takes effect.
Under the revised rules, retail fuel prices can be adjusted one day after the base price of any widely used fuel product increases by at least 15% compared with the previous pricing period.
If increases remain below 15%, price adjustments will follow the regular schedule under Decree 80/2023, typically on Thursdays.
A similar mechanism applies to price declines. Prices can be revised within one day if the base price of any commonly used fuel product drops by 10% or more. Smaller decreases will continue to follow the weekly adjustment cycle.
The Ministry of Industry and Trade determines base prices using an average of international fuel prices between two pricing periods.
Based on cost data and written input from the Ministry of Finance submitted before noon on the adjustment day, the Ministry of Industry and Trade will publish the base price and retail fuel prices.
