Fuel prices adjusted in Vietnam: May 2, 2024
On the afternoon of May 2, the Ministry of Industry and Trade (MoIT) and the Ministry of Finance (MoF) announced adjustments to fuel prices.
During this adjustment, the two ministries did not allocate or use the Fuel Price Stabilization Fund (BOG) for E5RON92 gasoline, RON95 gasoline, diesel, kerosene, or FO oil.
Accordingly, retail prices for common fuel products on the market are as follows:
– E5RON92 gasoline: No more than VND 23,911 per liter (a decrease of VND 08 per liter compared to the current base price), VND 1,044 per liter lower than RON95-III gasoline.
– RON95-III gasoline: No more than VND 24,955 per liter (an increase of VND 40 per liter compared to the current base price).
– Diesel 0.05S: No more than VND 20,606 per liter (a decrease of VND 110 per liter compared to the current base price).
– Kerosene: No more than VND 20,544 per liter (a decrease of VND 142 per liter compared to the current base price).
– FO oil 180CST 3.5S: No more than VND 17,663 per kilogram (an increase of VND 255 per kilogram compared to the current base price).
Regarding the reasons for the fuel price adjustment, the two ministries stated that the global fuel market during this adjustment period (April 25, 2024 – May 1, 2024) was influenced by factors such as: efforts to reconcile between Israel and Hamas in the Gaza Strip, increased US commercial crude oil inventories, and the ongoing military conflict between Russia and Ukraine. These factors caused global fuel prices to fluctuate in recent days, depending on the specific product.
Specifically, the average price of global refined fuel products between the price adjustment on April 25, 2024, and the adjustment on May 2, 2024, was as follows: USD 101.343 per barrel of RON92 gasoline used to blend E5RON92 gasoline (an increase of USD 0.171 per barrel, or 0.17%); USD 105.753 per barrel of RON95 gasoline (an increase of USD 0.171 per barrel, or 0.16%); USD 99.363 per barrel of kerosene (a decrease of USD 0.794 per barrel, or 0.79%); USD 100.285 per barrel of diesel 0.05S (a decrease of USD 0.607 per barrel, or 0.60%); USD 520.255 per ton of FO 180CST 3.5S (an increase of USD 9.210 per ton, or 1.80%).
In response to the aforementioned global fuel price developments, fluctuations in the VND/USD exchange rate, and current regulations, the MoIT and MoF decided on a fuel price adjustment plan to ensure that domestic fuel price fluctuations align with global fuel price fluctuations; continue to maintain a reasonable price differential between E5RON92 biofuel and RON95 mineral gasoline to encourage the use of biofuels in line with the government’s policy; and ensure a balance of interests among market participants.
