On February 15, 2024, the Ministry of Industry and Trade – Ministry of Finance announced a retail price increase for petroleum products.
Accordingly, E5RON92 gasoline is not higher than 22,831 dong/liter (increased by 711 dong/liter compared to the current base price), which is lower than RON95-III gasoline by 1,088 dong/liter.
RON95-III gasoline is not higher than 23,919 dong/liter (increased by 657 dong/liter compared to the current base price).
0.05S diesel is not higher than 21,361 dong/liter (increased by 654 dong/liter compared to the current base price).
Kerosene is not higher than 21,221 dong/liter (increased by 633 dong/liter compared to the current base price).
180CST 3.5S heavy fuel oil is not higher than 15,906 dong/kg (increased by 308 dong/kg compared to the current base price).
Regarding the price increase, the joint Ministry mentioned that the global oil market during this operating period (from February 8, 2024 to February 14, 2024) was affected by factors such as psychological concerns over tension in the Middle East that could disrupt oil supply, conflicts in the Red Sea affecting transportation activities, the Organization of the Petroleum Exporting Countries (OPEC) maintaining predictions of increased oil demand this year, reduced operational capacity of refineries in the US… The above factors have caused fluctuations in global oil prices in recent days, with both increases and decreases, but the overall trend is an increase.
Specifically, the average price of finished petroleum products in the world between the operating period of February 8, 2024 and February 15, 2024 is: 97.618 USD/barrel for RON92 gasoline used to blend E5RON92 gasoline (increased by 4.057 USD/barrel, equivalent to an increase of 4.34%); 101.808 USD/barrel for RON95 gasoline (increased by 3.456 USD/barrel, equivalent to an increase of 3.51%); 105.900 USD/barrel for kerosene (increased by 3.670 USD/barrel, equivalent to an increase of 3.59%); 108.158 USD/barrel for 0.05S diesel (increased by 3.774 USD/barrel, equivalent to an increase of 3.62%); 449.990 USD/ton for 180CST 3.5S heavy fuel oil (increased by 10.878 USD/ton, equivalent to an increase of 2.48%).
from February 8, 2024 to February 14, 2024.
During this operating period, the joint Ministry decided to establish the Price Stabilization Fund (BOG) for Mazut at a rate of 300 dong/kg, not to set up the BOG for E5RON92 gasoline, RON95 gasoline, diesel, and kerosene. At the same time, the BOG for gasoline, diesel, and kerosene is not used.
Considering the global oil price movements and current regulations, the joint Ministry of Industry and Trade – Ministry of Finance decided on a plan to manage oil prices to ensure that domestic oil price fluctuations are basically in line with global oil price movements; maintain a reasonable price difference between biofuel E5RON92 and mineral gasoline RON95 to encourage the use of biofuels as directed by the Government; ensure the balance of interests among market participants, support petroleum businesses to maintain supply and supply petroleum products to the domestic market; minimize negative impacts on socio-economic development, production activities, business activities, and people’s lives.
