On February 1, 2024, the Ministry of Industry and Trade – Finance announced the adjustment of prices for petroleum products.
Accordingly, E5RON92 gasoline: not exceeding 22,913 dong/liter (an increase of 742 dong/liter compared to the current base price), lower than RON95-III gasoline by 1,247 dong/liter.
RON95-III gasoline: not exceeding 24,160 dong/liter (an increase of 753 dong/liter compared to the current base price).
0.05S diesel: not exceeding 20,999 dong/liter (an increase of 623 dong/liter compared to the current base price).
Kerosene: not exceeding 20,923 dong/liter (an increase of 379 dong/liter compared to the current base price).
180CST 3.5S mazut: not exceeding 16,087 dong/kg (an increase of 593 dong/kg compared to the current base price).
Source: Ministry of Industry and Trade.
Regarding the reasons for the increase in petroleum prices, the Ministry of Industry and Trade stated that the global petroleum market during this control period (from January 25, 2024 to January 31, 2024) was affected by factors such as tension in the Middle East, an increase in crude oil reserves in the United States, a real estate crisis in China (the world’s largest oil consumer) causing concerns about oil demand… The above factors have caused fluctuations in global petroleum prices in recent days.
Specifically, the average price of finished petroleum products worldwide between the control period of January 25, 2024 and February 1, 2024 is: 97,620 USD/barrel of RON92 gasoline used to blend E5RON92 gasoline (an increase of 4,668 USD/barrel, equivalent to an increase of 5.02% compared to the previous period); 102,594 USD/barrel of RON95 gasoline (an increase of 4,144 USD/barrel, equivalent to an increase of 4.21% compared to the previous period); 103,640 USD/barrel of kerosene (an increase of 2,432 USD/barrel, equivalent to an increase of 2.40% compared to the previous period); 105,518 USD/barrel of 0.05S diesel (an increase of 3,870 USD/barrel, equivalent to an increase of 3.81% compared to the previous period); 454,528 USD/ton of 180CST 3.5S mazut (an increase of 22,506 USD/ton, equivalent to an increase of 5.21% compared to the previous period).
Source: Ministry of Industry and Trade.
In this control period, considering the fluctuations in global petroleum prices and current regulations, the Ministry of Industry and Trade – Finance decided to: Set up the Price Stabilization Fund (BOG) for mazut at a level of 300 dong/kg (same as the previous period), not establish the BOG for gasoline, diesel, and kerosene. At the same time, not use the BOG for all petroleum products.
The above petroleum price control plan aims to contribute to ensuring that domestic petroleum prices are suitable for global petroleum price fluctuations; continue to maintain a reasonable price difference between biofuel E5RON92 and mineral gasoline RON95 to encourage the use of biofuels according to the government’s policy; ensure a balance of interests among market participants, support petroleum businesses to maintain and supply petroleum to the domestic market; minimize negative impacts on socio-economic development, production, business activities, and people’s lives.
