Fuel Prices in Vietnam Decrease as Global Market Fluctuates
On April 25th, the Ministry of Industry and Trade (MOIT) and the Ministry of Finance (MOF) announced adjustments to fuel prices.
The joint ministries decided to suspend the use of the Fuel Price Stabilization Fund (FPSF) for gasoline E5RON92, RON95, diesel, kerosene, and mazut.
Following the use of the FPSF, the retail prices of popular fuel products are as follows:
Gasoline E5RON92: Not exceeding VND 23,919 per liter (down VND 307 per liter compared to the current base price), VND 996 per liter lower than RON95-III gasoline.
Gasoline RON95-III: Not exceeding VND 24,915 per liter (down VND 322 per liter compared to the current base price).
Diesel 0.05S: Not exceeding VND 20,716 per liter (down VND 730 per liter compared to the current base price).
Kerosene: Not exceeding VND 20,686 per liter (down VND 730 per liter compared to the current base price).
Mazut 180CST 3.5S: Not exceeding VND 17,408 per kg (up VND 202 per kg compared to the current base price).
The MOIT-MOF attributed the price decrease to global market factors during the latest adjustment period (April 17-24, 2024), including reduced risk of conflict between Israel and Iran, lower U.S. crude oil inventories, and ongoing military conflict between Russia and Ukraine. These factors have led to mixed price movements for various fuel products.
Specifically, the average global refined fuel prices between the adjustment period of April 17 and April 25 were as follows: $101.172 per barrel of RON92 gasoline used to blend E5RON92 gasoline (down $2.608 per barrel, or 2.51%); $105.582 per barrel of RON95 gasoline (down $2.608 per barrel, or 2.41%); $100.157 per barrel of kerosene (down $5.108 per barrel, or 4.85%); $100.892 per barrel of diesel 0.05S (down $5.088 per barrel, or 4.80%); $511.045 per ton of mazut 180CST 3.5S (up $2.847 per ton, or 0.56%).
Considering global fuel prices, the increase in the VND/USD exchange rate, and current regulations, the MOIT-MOF decided to adjust fuel prices to ensure domestic prices align with global trends. The government also aims to maintain a reasonable price difference between E5RON92 biofuel and RON95 mineral gasoline to promote the use of biofuels and balance the interests of market participants.
