On the afternoon of August 1, 2024, 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 continued to not make deductions from or contribute to the Price Stabilization Fund for gasoline (E5RON92 and RON95) and oil products (diesel, kerosene, and mazut).
After the adjustment, the retail prices of gasoline products are as follows: E5RON92 – not exceeding 21,616 VND/liter (a decrease of 284 VND/liter compared to the current base price) and RON95-III – not exceeding 22,603 VND/liter (a decrease of 281 VND/liter compared to the current base price). E5RON92 is now 987 VND/liter lower than RON95-III.
The retail prices of other oil products are as follows: 0.05S diesel – not exceeding 19,878 VND/liter (a decrease of 316 VND/liter), kerosene – not exceeding 20,095 VND/liter (a decrease of 231 VND/liter), and 180CST 3.5S mazut – not exceeding 16,886 VND/kg (a decrease of 292 VND/kg).
According to the Ministries, the new prices reflect global trends between July 25 and July 31, 2024, which were influenced by factors such as the ongoing conflict in the Middle East, decreased US crude oil reserves, reduced Chinese demand for oil, and the military conflict between Russia and Ukraine.
The average global prices of gasoline and oil products during this period were as follows: RON92 (used to blend E5RON92) – 89,910 USD/barrel (a decrease of 1.274 USD/barrel or 1.40%), RON95 – 94,204 USD/barrel (a decrease of 1.400 USD/barrel or 1.46%), kerosene – 95,372 USD/barrel (a decrease of 1.268 USD/barrel or 1.31%), 0.05S diesel – 95,758 USD/barrel (a decrease of 1.752 USD/barrel or 1.80%), and 180CST 3.5S mazut – 488,834 USD/ton (a decrease of 10,092 USD/ton or 2.02%).
Considering the fluctuations in global gasoline and oil prices, exchange rates, and existing regulations, the Ministries of Industry and Trade and Finance decided on this price adjustment to ensure that domestic prices remain in line with global trends. This decision also maintains a reasonable price difference between E5RON92 and RON95 to encourage the use of biofuels in line with the government’s policies, while balancing the interests of all market participants.
