On February 22, 2024, the Ministry of Industry and Trade – Ministry of Finance announced the adjustment of the prices of petroleum products.
Accordingly, the maximum price for E5RON92 gasoline is set at 22,475 VND/litre (a decrease of 356 VND/litre compared to the current base price), which is lower than RON95-III gasoline by 1,124 VND/litre.
The maximum price for RON95-III gasoline is set at 23,599 VND/litre (a decrease of 320 VND/litre compared to the current base price).
The maximum price for 0.05S diesel oil is set at 20,910 VND/litre (a decrease of 451 VND/litre compared to the current base price).
The maximum price for kerosene is set at 20,921 VND/litre (a decrease of 300 VND/litre compared to the current base price).
The maximum price for 180CST 3.5S fuel oil is set at 15,929 VND/kg (an increase of 23 VND/kg compared to the current base price).
Regarding the reasons for the price decrease, the Ministry of Industry and Trade – Ministry of Finance stated that the global petroleum market in this pricing period (from February 15, 2024, to February 21, 2024) was affected by factors such as: the International Energy Agency (IEA) forecasted a lower oil demand for this year compared to previous forecasts, the Federal Reserve’s slow interest rate cuts affecting the prospects of oil demand, the increase in the value of the U.S. dollar negatively impacting the global oil price, the ongoing tensions in the Middle East without signs of cooling down, ongoing conflicts in the Red Sea affecting transport activities… The above factors caused fluctuations in global oil prices in recent days, but the general trend was a decrease.
Specifically, the average prices of finished petroleum products in the global market between the pricing period from February 15, 2024, to February 22, 2024, were: 95.178 USD/thung for RON92 gasoline used to blend E5RON92 gasoline (a decrease of 2,440 USD/thung, equivalent to a decrease of 2.50%); 99.708 USD/thung for RON95 gasoline (a decrease of 2,100 USD/thung, equivalent to a decrease of 2.06%); 103.670 USD/thung for kerosene (a decrease of 2,230 USD/thung, equivalent to a decrease of 2.11%); 105.034 USD/thung for 0.05S diesel oil (a decrease of 3,124 USD/thung, equivalent to a decrease of 2.89%); 448.926 USD/tan for 180CST 3.5S fuel oil (a decrease of 1,064 USD/tan, equivalent to a decrease of 0.24%).
In this pricing period, the Ministry of Industry and Trade – Ministry of Finance decided to establish the Price Stabilization Fund (BOG) for mazut oil at 300 VND/kg and not to establish the BOG for gasoline E5RON92, gasoline RON95, diesel oil, and kerosene. At the same time, the BOG for gasoline E5RON92, gasoline RON95, diesel oil, kerosene, and mazut oil will not be used.
Considering the world oil prices, the fluctuation of the VND/USD exchange rate, and the current regulations, the Ministry of Industry and Trade – Ministry of Finance decided on the plan to manage the prices of petroleum products to ensure that the domestic oil price fluctuations are suitable with the global oil price fluctuations; to continue maintaining a reasonable price difference between biofuel E5RON92 and mineral gasoline RON95 to encourage the use of biofuels according to the Government’s policy; to ensure a balance of interests among market participants, support petroleum businesses to maintain the supply of petroleum products to the domestic market; to minimize negative impacts on socio-economic development, production and business activities, and the livelihood of the people.
