On the afternoon of July 4, the Ministries of Industry and Trade and Finance announced adjustments to the selling prices of gasoline and oil products.
In this period, the Ministries continued not to collect or use the Price Stabilization Fund for gasoline and oil products, including E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut.
Accordingly, the retail prices of gasoline products are as follows: E5RON92 gasoline – not exceeding VND 22,461 per liter (an increase of VND 447 per liter compared to the current base price) and RON95 gasoline – not exceeding VND 23,552 per liter (an increase of VND 542 per liter compared to the current base price).
The selling prices of diesel oil and kerosene were also adjusted, with diesel 0.05S not exceeding VND 21,176 per liter (an increase of VND 487 per liter) and kerosene not exceeding VND 21,216 per liter (an increase of VND 602 per liter).
Regarding the reasons for the fuel price increase, the Ministries cited various factors influencing the global fuel market during the adjustment period (from June 27, 2024, to July 3, 2024). These included concerns over expanding conflicts in the Middle East, rising fuel demand in the US during the peak summer travel season, and the ongoing military conflict between Russia and Ukraine, with Ukraine targeting Russian oil refineries and storage facilities.
The average global prices of refined fuel products during the period from June 27, 2024, to July 4, 2024, were as follows: RON92 gasoline, used to blend E5RON92, was at $93.378 per barrel, an increase of $3.11 per barrel or 3.45%; RON95 gasoline was at $98.160 per barrel, an increase of $2.652 per barrel or 2.78%; kerosene was at $101.748 per barrel, an increase of $2.004 per barrel or 2.01%; diesel oil 0.05S was at $102.658 per barrel, an increase of $1.922 per barrel or 1.91%; and mazut 180CST 3.5S was at $512.762 per ton, a slight increase of $0.372 per ton or 0.07%.
Given the fluctuations in global fuel prices, adjustments in business costs, import tax rates, exchange rates, and other relevant regulations, the Ministries of Industry and Trade and Finance decided on a pricing mechanism that aims to ensure domestic fuel prices are in line with global market movements. This mechanism also maintains a reasonable price difference between E5RON92 biofuel and RON95 gasoline to encourage the use of biofuels in line with the government’s policies, while balancing the interests of all market participants.
