On March 21, 2024, the Ministry of Industry and Trade – Finance announced the adjustment of retail prices for petroleum products.
In this operating period, the Ministry has decided to establish the Petroleum Price Stabilization Fund (BOG) for kerosene at the level of 300 VND/kg, without setting up the BOG Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, and fuel oil. At the same time, the BOG Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, fuel oil, and kerosene will not be used.
After implementing the establishment and use of the BOG Fund for petroleum products, the prices of commonly consumed petroleum products on the market will not exceed the following:
E5RON92 gasoline: not higher than 23,219 VND/liter (an increase of 729 VND/liter compared to the current base price), lower than RON95-III gasoline by 1,065 VND/liter.
RON95-III gasoline: not higher than 24,284 VND/liter (an increase of 741 VND/liter compared to the current base price).
Diesel oil 0.05S: not higher than 21,014 VND/liter (an increase of 465 VND/liter compared to the current base price).
Fuel oil: not higher than 21,266 VND/liter (an increase of 560 VND/liter compared to the current base price).
Source: Ministry of Industry and Trade.
Regarding the reasons for the increase in gasoline prices, the Ministry stated that the world petroleum market in this operating period (from March 14, 2024, to March 20, 2024) was affected by factors such as the increased military activities of Ukraine targeting Russia’s oil refining facilities, continued reduction in crude oil inventories in the United States, ongoing tensions in the Middle East… The above factors have caused fluctuations in world gasoline prices in recent days, with intermittent increases and decreases, but the overall trend is upward.
Specifically, the average cost of petroleum products in the world between the operating period from March 14, 2024, to March 21, 2024, is as follows: 98,340 USD/barrel for RON92 gasoline used to blend E5RON92 gasoline (an increase of 3,900 USD/barrel, equivalent to an increase of 4.13%); 102,400 USD/barrel for RON95 gasoline (an increase of 3,636 USD/barrel, equivalent to an increase of 3.68%); 104,758 USD/barrel for fuel oil (an increase of 2,980 USD/barrel, equivalent to an increase of 2.93%); 104,690 USD/barrel for diesel oil 0.05S (an increase of 2,416 USD/barrel, equivalent to an increase of 2.36%); 487,340 USD/ton for mazut 180CST 3.5S (an increase of 22,794 USD/ton, equivalent to an increase of 4.91%).
March 14, 2024, to March 20, 2024. Source: Ministry of Industry and Trade.
In this operating period, based on the world gasoline and oil price fluctuations, VND/USD exchange rate fluctuations, and existing regulations, the Ministry of Industry and Trade – Finance has decided on a plan to manage the prices of petroleum products to ensure that the domestic petroleum price fluctuations are fundamentally in line with the fluctuations in world petroleum prices; continue to maintain a reasonable price difference between biofuel E5RON92 and mineral gasoline RON95 to encourage the use of biofuels in line with the government’s policy.
At the same time, it aims to harmonize the interests of all market participants, support petroleum businesses in maintaining gasoline supply for the domestic market, and minimize negative impacts on economic and social development, production and business activities, and people’s livelihoods.
