On the afternoon of September 5, the Ministries of Industry and Trade and Finance announced adjustments to the prices of gasoline and oil products.
This period also witnessed the ministries’ decision to neither withdraw from nor contribute to the stabilization funds for gasoline and oil products, including E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut.
Consequently, the prices of popular gasoline and oil products in the domestic market are as follows:
E5RON92 gasoline: not exceeding 19,979 VND/liter (a decrease of 353 VND/liter compared to the current base price) and 848 VND/liter lower than RON95-III gasoline.
RON95-III gasoline: not exceeding 20,827 VND/liter (a reduction of 282 VND/liter compared to the current base price).
0.05S diesel oil: not exceeding 18,092 VND/liter (a drop of 385 VND/liter compared to the current base price).
Kerosene: not exceeding 18,724 VND/liter (a decline of 341 VND/liter compared to the current base price).
180CST 3.5S mazut: not exceeding 15,155 VND/kg (a fall of 407 VND/kg compared to the current base price).
Regarding the reasons for the price reduction, the ministries attributed it to various factors influencing the global gasoline and oil market during this adjustment period (from August 29, 2024, to September 4, 2024). These factors include the anticipated increase in oil supply from Libya and OPEC+ countries, China’s subdued oil demand, and the ongoing military conflict between Russia and Ukraine. As a result, global gasoline and oil prices experienced fluctuating spikes and dips, predominantly trending downward.
Specifically, the average price of world gasoline and oil products between the price adjustments on August 29, 2024, and September 5, 2024, were as follows: 82,124 USD/barrel for RON92 gasoline, which is used to blend E5RON92 gasoline (a decrease of 1,812 USD/barrel, equivalent to a 2.16% reduction); 86,314 USD/barrel for RON95 gasoline (a drop of 1,346 USD/barrel, or 1.54%); 88,960 USD/barrel for kerosene (a decline of 1,846 USD/barrel, or 2.03%); 86,966 USD/barrel for 0.05S diesel oil (a fall of 2,100 USD/barrel, or 2.36%); and 434,222 USD/ton for 180CST 3.5S mazut (a decrease of 14,062 USD/ton, or 3.14%).
Given the dynamics of world gasoline and oil prices, exchange rates, and prevailing regulations, the Ministries of Industry and Trade and Finance decided on a pricing strategy for gasoline and oil products. This strategy aims to ensure that domestic gasoline and oil price adjustments align with global market fluctuations, maintain a reasonable price difference between E5RON92 biofuel and RON95 mineral gasoline to encourage the use of biofuels in line with the government’s policies, and balance the interests of all market participants.
