Gasoline Prices Surge Back Up

After experiencing a decrease in the previous operational period (as of 22nd February), on 29th February, the retail prices of gasoline products saw a rise. Specifically, E5RON92 gasoline increased by 277 dong/litre, RON95-III gasoline increased by 330 dong/litre...

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On February 29, the Ministry of Industry and Trade – Finance announced the retail prices of petroleum products.

Accordingly, the price of E5RON92 gasoline is not higher than 22,752 VND/liter (an increase of 277 VND/liter compared to the current base price), lower than RON95-III gasoline by 1,177 VND/liter.

The price of RON95-III gasoline is not higher than 23,929 VND/liter (an increase of 330 VND/liter compared to the current base price).

Diesel 0.05S is not higher than 20,773 VND/liter (a decrease of 137 VND/liter compared to the current base price).

Kerosene is not higher than 20,785 VND/liter (a decrease of 136 VND/liter compared to the current base price).

180CST 3.5S Fuel Oil is not higher than 15,959 VND/kg (an increase of 30 VND/kg compared to the current base price).

Price fluctuations of retail petroleum products in Vietnam from January 4, 2024 to February 29, 2024.
Source: Ministry of Industry and Trade.

Regarding the reason for the price increase, the Ministry of Industry and Trade stated that the global petroleum market during this pricing period (from February 22, 2024 to February 28, 2024) was affected by factors such as: the increase in US oil inventories, the Federal Reserve’s view of cutting interest rates in the near future, ongoing tensions in the Middle East, ongoing conflicts in the Red Sea affecting transportation activities… The above factors have caused fluctuations in global petroleum prices in recent days.

Specifically, the average cost of petroleum products in the world between the pricing period from February 22, 2024 to February 29, 2024 is: 96,306 USD/barrel of RON92 gasoline used for blending E5RON92 (an increase of 1,128 USD/barrel, equivalent to an increase of 1.19%); 100,976 USD/barrel of RON95 gasoline (an increase of 1,268 USD/barrel, equivalent to an increase of 1.27%); 102,358 USD/barrel of kerosene (a decrease of 1,312 USD/barrel, equivalent to a decrease of 1.27%); 103,712 USD/barrel of diesel 0.05S (a decrease of 1,322 USD/barrel, equivalent to a decrease of 1.26%); 447,814 USD/ton of 180CST 3.5S Fuel Oil (a decrease of 1,112 USD/ton, equivalent to a decrease of 0.25%).

Price fluctuations of finished petroleum products in the global market
from February 22, 2024 to February 28, 2024. Source: Ministry of Industry and Trade.

In this pricing period, based on the fluctuations of global petroleum prices, the VND/USD exchange rate and current regulations, the Ministry of Industry and Trade – Finance decided to establish the Petroleum Price Stabilization Fund (BOG) for kerosene at a level of 300 VND/kg, not to establish the BOG Fund for E5RON92 gasoline, RON95 gasoline, diesel, and kerosene. Therefore, the BOG Fund for E5RON92 gasoline, RON95 gasoline, diesel, kerosene, and fuel oil is not used.

The petroleum price management plan aims to ensure that domestic petroleum prices fluctuate in accordance with global petroleum prices; continue to maintain a reasonable price difference between E5RON92 biofuel and RON95 mineral gasoline to encourage the use of biofuels as directed 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 activities, business and people’s lives.

SOURCEvneconomy
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