On the afternoon of August 22nd, 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, fuel oil, and fo-oil.
As a result, the selling prices of popular gasoline and oil products in the market are as follows:
E5RON92 gasoline: not exceeding 20,424 VND/liter (a decrease of 458 VND/liter compared to the current base price), lower than RON95-III gasoline by 893 VND/liter.
RON95-III gasoline: not exceeding 21,317 VND/liter (a decrease of 535 VND/liter compared to the current base price).
0.05S diesel oil: not exceeding 18,776 VND/liter (a decrease of 454 VND/liter compared to the current base price).
Fuel oil: not exceeding 19,149 VND/liter (a decrease of 423 VND/liter compared to the current base price).
180CST 3.5S fo-oil: not exceeding 15,756 VND/kg (a decrease of 489 VND/kg compared to the current base price).
Regarding the reason for the price reduction, the Ministries cited the impact of various factors on the global fuel market during this price adjustment period (from August 15, 2024, to August 21, 2024). These factors include news of ceasefire negotiations in the Middle East, decreased crude oil reserves in the US, the potential for the Federal Reserve to cut interest rates, China’s weakening economy affecting its demand for crude oil, and the ongoing military conflict between Russia and Ukraine.
As a result of these factors, global fuel prices have fluctuated, with a downward trend prevailing.
Specifically, the average price of world gasoline and oil products between the price adjustment period on August 15, 2024, and August 22, 2024, was as follows: 84,164 USD/barrel for RON92 gasoline (used to blend E5RON92 gasoline) – a decrease of 2.221 USD/barrel or 2.57%; 88,456 USD/barrel for RON95 gasoline – a decrease of 2.437 USD/barrel or 2.68%; 90,978 USD/barrel for fuel oil – a decrease of 2.042 USD/barrel or 2.20%; 90,490 USD/barrel for 0.05S diesel oil – a decrease of 2.215 USD/barrel or 2.39%; and 453,718 USD/ton for 180CST 3.5S fo-oil – a decrease of 15.525 USD/ton or 3.31%.
In this price adjustment, given the fluctuations in world fuel prices, exchange rates, and current regulations, the Ministries of Industry and Trade and Finance decided on a price adjustment plan to ensure that domestic fuel prices are in line with world price movements. The 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 policy, and to balance the interests of all market participants.
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