Sharp drop in fuel prices ahead of Tet holidays

E5RON92 petrol decreased by 793 dong/liter, while RON95-III petrol decreased by 898 dong/liter. Similarly, various types of diesel also saw a price reduction ranging from 292 dong to 489 dong/liter compared to the current base price...

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On February 8, the Ministry of Industry and Trade – Ministry of Finance announced the adjustment of retail prices of petroleum products.

Accordingly, E5RON92 petrol: not higher than 22,120 dong/liter (decreased by 793 dong/liter compared to the base price), lower than RON95-III petrolby 1,142 dong/liter.

RON95-III petrol: not higher than 23,262 dong/liter (decreased by 898 dong/liter compared to the base price).

0.05S diesel: not higher than 20,707 dong/liter (decreased by 292 dong/liter compared to the base price).

Kerosene: not higher than 20,588 dong/liter (decreased by 335 dong/liter compared to the base price).

180CST 3.5S fuel oil: not higher than 15,598 dong/kg (decreased by 489 dong/kg compared to the base price).

Regarding the reasons for the decrease in oil prices, the Ministries explained that the world petroleum market during this regulatory period (from February 1, 2024 to February 7, 2024) was influenced by factors such as: information about the ceasefire negotiations in Gaza, conflicts in the Red Sea region, an increase in petroleum reserves in the US, maintenance of oil refineries in the US, fire at an oil refinery in Russia, continued economic difficulties in China potentially leading to a decrease in oil demand… These factors have caused fluctuations in global petroleum prices in recent days, but overall, prices have decreased.

Specifically, the average cost of petroleum products in the world between the price regulatory period of February 1, 2024, and February 8, 2024 is as follows: 93,560 USD/barrel of RON92 petrol used for blending E5RON92 petrol (decreased by 4,060 USD/barrel, equivalent to a decrease of 4.16% compared to the previous period); 98,352 USD/barrel of RON95 petrol (decreased by 4,242 USD/barrel, equivalent to a decrease of 4.13% compared to the previous period); 102,230 USD/barrel of kerosene (decreased by 1,410 USD/barrel, equivalent to a decrease of 1.36% compared to the previous period); 104,384 USD/barrel of 0.05S diesel (decreased by 1,134 USD/barrel, equivalent to a decrease of 1.07% compared to the previous period); 439,112 USD/ton of 180CST 3.5S fuel oil (decreased by 15,416 USD/ton, equivalent to a decrease of 3.39% compared to the previous period).

During this regulatory period, based on global petroleum price movements and existing regulations, the Ministry of Industry and Trade – Ministry of Finance has decided to establish the Price Stabilization Fund for 180CST 3.5S fuel oil at a level of 300 dong/kg, not establish the Price Stabilization Fund for E5RON92 petrol, RON95-III petrol, 0.05S diesel, and kerosene. At the same time, the Price Stabilization Fund for E5RON92 petrol, RON95-III petrol, 0.05S diesel, kerosene, and 180CST 3.5S fuel oil will not be used.

The price control plan for petroleum products aims to ensure that domestic petroleum prices are essentially in line with global petroleum price fluctuations; continue to maintain a reasonable price difference between biofuel E5RON92 and mineral gasoline RON95 to promote the use of biofuels as guided by the Government; ensure the balance of interests among market participants, support petroleum trading businesses to maintain and supply petroleum products to the domestic market; minimize negative impacts on socio-economic development, production, business activities, and people’s lives.

SOURCEvneconomy
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