On March 7, the Ministry of Industry and Trade – Ministry of Finance announced the adjustment of prices of petroleum products.
Accordingly, the price of E5RON92 gasoline: no more than 22,512 VND/liter (decreased by 240 VND/liter compared to the current base price), lower than RON95-III gasoline by 1,045 VND/liter.
RON95-III gasoline: no more than 23,557 VND/liter (decreased by 372 VND/liter compared to the current base price).
Diesel 0.05S: no more than 20,471 VND/liter (decreased by 302 VND/liter compared to the current base price).
Mazut oil: no more than 20,609 VND/liter (decreased by 176 VND/liter compared to the current base price).
Mazut 180CST 3.5S: no more than 16,133 VND/kg (increased by 174 VND/kg compared to the current base price).
Regarding the reasons for the decrease in gasoline and oil prices, the Ministry of Industry and Trade stated that the global petroleum market in this period (from February 29, 2024 to March 6, 2024) is affected by factors such as: the market’s increasing concerns about China’s difficulty in regaining growth momentum, leading to lower-than-expected oil consumption demand, capital inflows into gold and cryptocurrencies, the decision to extend the agreement to cut oil production by the Organization of the Petroleum Exporting Countries (OPEC+) member states, ongoing tension in the Middle East region… The above factors have caused fluctuations in global gasoline and oil prices in recent days.
Specifically, the average cost of petroleum products in the world between the pricing period from February 29, 2024 and March 7, 2024 is: 94,536 USD/barrel of RON92 gasoline used for blending E5RON92 gasoline (decreased by 1,770 USD/barrel, equivalent to a decrease of 1.84%); 98,822 USD/barrel of RON95 gasoline (decreased by 2,154 USD/barrel, equivalent to a decrease of 2.13%); 101,154 USD/barrel of kerosene oil (decreased by 1,204 USD/barrel, equivalent to a decrease of 1.18%); 101,766 USD/barrel of diesel 0.05S (decreased by 1,946 USD/barrel, equivalent to a decrease of 1.88%); 453,428 USD/ton of Mazut 180CST 3.5S (increased by 5,614 USD/ton, equivalent to an increase of 1.25%).
In this pricing period, the Ministry of Industry and Trade decided to establish the Petroleum Price Stabilization Fund (BOG) for mazut oil at a rate of 300 VND/kg, without establishing the BOG for E5RON92 gasoline, RON95 gasoline, diesel and kerosene oil. At the same time, the BOG for E5RON92 gasoline, RON95 gasoline, diesel, kerosene oil, and mazut oil will not be used.
Considering the fluctuations in world gasoline and oil prices, the VND/USD exchange rate, and current regulations, the Ministry of Industry and Trade – Ministry of Finance decided on a plan to manage gasoline and oil prices to ensure that domestic gasoline and oil prices are in line with global fluctuations; continue to maintain a reasonable price difference between E5RON92 biofuel and RON95 mineral gasoline to encourage the use of biofuels in accordance with the government’s policy; ensure the balance of interests among market participants, support petroleum trading businesses in maintaining and supplying petroleum products to the domestic market; minimize negative impacts on socio-economic development, production and business activities, and people’s lives.
