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 use the Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, 0.05S diesel oil, kerosene, and mazut.
After the adjustment, the selling prices of these products will not exceed the following: E5RON92 gasoline: 21,616 VND/liter (a decrease of 284 VND/liter compared to the current base price), RON95-III gasoline: 22,603 VND/liter (a decrease of 281 VND/liter compared to the current base price), 0.05S diesel oil: 19,878 VND/liter (a decrease of 316 VND/liter compared to the current base price), kerosene: 20,095 VND/liter (a decrease of 231 VND/liter compared to the current base price), and mazut 180CST 3.5S: 16,886 VND/kg (a decrease of 292 VND/kg compared to the current base price).
According to the Ministries, the world gasoline and oil market during this price adjustment period (from July 25, 2024, to July 31, 2024) was influenced by factors such as new developments in the conflict in the Middle East, a decrease in US crude oil reserves, a decrease in China’s oil demand, and the ongoing military conflict between Russia and Ukraine. These factors caused fluctuations in world gasoline and oil prices, with a overall downward trend.
Specifically, the average price of world gasoline and oil products between the price adjustment period on July 25, 2024, and August 1, 2024, was as follows: 89,910 USD/ton for RON92 gasoline (used to blend E5RON92 gasoline), a decrease of 1.274 USD/ton or 1.40%; 94,204 USD/ton for RON95 gasoline, a decrease of 1.400 USD/ton or 1.46%; 95,372 USD/ton for diesel oil, a decrease of 1.268 USD/ton or 1.31%; 95,758 USD/ton for 0.05S diesel oil, a decrease of 1.752 USD/ton or 1.80%; and 488,834 USD/ton for 180CST 3.5S mazut, a decrease of 10,092 USD/ton or 2.02%.
In this price adjustment, 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 world market. This 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.
