On May 16, the Ministries of Industry and Trade and Finance announced adjustments to the selling prices of gasoline and oil products.
In this price adjustment, the Ministries decided not to use the Price Stabilization Fund for gasoline and oil products, including E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut.
Accordingly, the selling prices of gasoline products are as follows (in VND per liter): E5RON92 gasoline – 22,115 (a decrease of 508 VND compared to the current base price) and RON95 gasoline – 23,135 (a decrease of 409 VND compared to the current base price). The selling price of diesel oil 0.05S is 19,873 VND per liter (an increase of 26 VND), kerosene is 19,908 VND per liter (an increase of 207 VND), and mazut 180CST 3.5S is 17,418 VND per kg (a decrease of 85 VND).
The Ministries stated that the global gasoline and oil market during this price adjustment period (from May 9 to May 15, 2024) was influenced by factors such as a decrease in US commercial crude oil inventories, a weaker US dollar increasing oil demand, the upcoming OPEC+ meeting in early June 2024 to discuss oil policies, and the ongoing military conflict between Russia and Ukraine.
These factors led to fluctuating world gasoline and oil prices, with a downward trend.
Specifically, the average global price of gasoline and oil products between the price adjustment on May 9 and May 16, 2024, was as follows: 91.182 USD/barrel for RON92 gasoline (used to blend E5RON92 gasoline) – a decrease of 2.944 USD/barrel or 3.13%; 96.142 USD/barrel for RON95 gasoline – a decrease of 2.238 USD/barrel or 2.27%; 95.636 USD/barrel for kerosene – an increase of 1.098 USD/barrel or 1.16%; 96.020 USD/barrel for 0.05S diesel oil – an increase of 0.056 USD/barrel or 0.06%; and 511.156 USD/ton for 180CST 3.5S mazut – a decrease of 3.524 USD/ton or 0.68%.
Given the fluctuations in world gasoline and oil prices, exchange rates, and current regulations, the Ministries of Industry and Trade and Finance decided on a price adjustment plan to ensure that domestic gasoline and oil prices are suitable for the global market. This plan also aims to maintain a reasonable price difference between E5RON92 biofuel and RON95 gasoline to encourage the use of biofuels, in line with the government’s policies, and to balance the interests of all market participants.
