On March 14th, the Ministry of Industry and Trade and the Ministry of Finance announced the adjustment of prices for petroleum products.
Accordingly, the price of E5RON92 gasoline will not exceed 22,490 VND per liter (reduced by 22 VND per liter compared to the current base price), lower than RON95-III gasoline by 1,053 VND per liter.
The price of RON95-III gasoline will not exceed 23,543 VND per liter (reduced by 14 VND per liter compared to the current base price).
The price of diesel 0.05S will not exceed 20,549 VND per liter (increased by 78 VND per liter compared to the current base price).
The price of kerosene will not exceed 20,706 VND per liter (increased by 97 VND per liter compared to the current base price).
The price of 180CST 3.5S heavy fuel oil will not exceed 16,432 VND per kg (increased by 299 VND per kg compared to the current base price).
Regarding the reasons for adjusting the prices of petroleum products, the ministries said that the world petroleum market during this pricing period (from March 7th, 2024 to March 13th, 2024) was affected by factors such as the Consumer Price Index (CPI) of China which increased but is forecasted to increase in the short term, the commercial oil inventory in the US decreased more than expected, tensions in the Middle East continue… These factors have caused fluctuations in the global prices of petroleum products in recent days.
Specifically, the average price of petroleum products in the world between the pricing period from March 7th, 2024 to March 14th, 2024 is as follows: 94,440 USD per barrel of RON92 gasoline used to blend E5RON92 gasoline (a decrease of 0.096 USD per barrel, equivalent to a decrease of 0.10%); 98,764 USD per barrel of RON95 gasoline (a decrease of 0.058 USD per barrel, equivalent to a decrease of 0.06%); 101,778 USD per barrel of kerosene (an increase of 0.624 USD per barrel, equivalent to an increase of 0.62%); 102,274 USD per barrel of diesel 0.05S (an increase of 0.508 USD per barrel, equivalent to an increase of 0.50%); 464,546 USD per ton of 180CST 3.5S heavy fuel oil (an increase of 11,118 USD per ton, equivalent to an increase of 2.54%).
from March 7th, 2024 to March 13th, 2024.
During this pricing period, the ministries decided to establish the Petroleum Price Stabilization Fund (PPSF) for heavy fuel oil at a level of 300 VND per kg, not to establish the PPSF for E5RON92 gasoline, RON95 gasoline, diesel 0.05S, and kerosene. At the same time, the PPSF will not be used for E5RON92 gasoline, RON95 gasoline, diesel 0.05S, kerosene, and heavy fuel oil.
Given the above-mentioned fluctuations in global petroleum prices, exchange rate fluctuations of VND/USD, and current regulations, the Ministry of Industry and Trade and the Ministry of Finance have decided on a plan to manage petroleum prices to ensure that domestic petroleum prices correspond reasonably to global petroleum price fluctuations; continue to maintain a reasonable price difference between biofuel E5RON92 and mineral fuel RON95 to promote the use of biofuels according to the government’s policy; ensure a balance of interests among market participants, support petroleum businesses to maintain and supply petroleum products to the domestic market; minimize negative impacts on socio-economic development, production and business activities, and people’s lives.
