On the afternoon of July 11th, the Ministries of Industry and Trade and Finance announced adjustments to the prices of gasoline and oil products.
In this price adjustment, the Ministries continued to not make contributions to or utilize the Price Stabilization Fund for gasoline and oil products, including E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and fuel oil.
After the adjustment, the selling prices of popular gasoline and oil products in the domestic market are as follows:
E5RON92 gasoline: not exceeding 22,282 VND/liter (a decrease of 179 VND/liter compared to the current base price), 1,012 VND/liter lower than RON95-III gasoline;
RON95-III gasoline: not exceeding 23,294 VND/liter (a decrease of 258 VND/liter compared to the current base price);
0.05S diesel oil: not exceeding 20,834 VND/liter (a decrease of 342 VND/liter compared to the current base price);
Kerosene: not exceeding 21,038 VND/liter (a decrease of 178 VND/liter compared to the current base price);
180CST 3.5S fuel oil: not exceeding 17,784 VND/kg (an increase of 250 VND/kg compared to the current base price).
Regarding the reasons for the decrease in gasoline and oil prices, the Ministries stated that the world gasoline and oil market during this price adjustment period (from July 4, 2024, to July 10, 2024) was influenced by factors such as hopes for a ceasefire in Gaza, less severe storms in the Gulf of Mexico than expected, increased fuel demand in the US during the peak summer travel season, the ongoing military conflict between Russia and Ukraine, and Ukraine’s continued attacks on Russian oil refineries and storage facilities. These factors led to a downward fluctuation in world gasoline and oil prices in recent days.
Specifically, the average price of world gasoline and oil products between the price adjustment period on July 4, 2024, and July 11, 2024, was as follows: 93.344 USD/barrel for RON92 gasoline, which is used to blend E5RON92 gasoline (a decrease of 0.034 USD/barrel, equivalent to a 0.04% decrease); 97.764 USD/barrel for RON95 gasoline (a decrease of 0.396 USD/barrel, equivalent to a 0.4% decrease); 100.774 USD/barrel for kerosene (a decrease of 0.974 USD/barrel, equivalent to a 0.96% decrease); 101.214 USD/barrel for 0.05S diesel oil (a decrease of 1.444 USD/barrel, equivalent to a 1.41% decrease); and 520.744 USD/ton for 180CST 3.5S fuel oil (an increase of 7.982 USD/ton, equivalent to a 1.56% increase).
In this price adjustment, given the fluctuations in world gasoline and oil prices, changes in the prescribed business costs included in the base price of gasoline and oil, exchange rate fluctuations, and current regulations, the Ministries of Industry and Trade and Finance decided on a price adjustment plan to ensure that domestic gasoline and oil price fluctuations are consistent with world price movements. The plan also aims to maintain a reasonable price difference between E5RON92 biofuel and RON95 mineral gasoline to encourage the use of biofuels in line with the government’s policy, and to balance the interests of all market participants.
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