On the afternoon of September 12, 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 neither collect nor use the Price Stabilization Fund for gasoline and oil products, including E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut.
As a result, the selling prices of popular gasoline and oil products in the market are as follows:
E5RON92 gasoline: not exceeding VND 18,890 per liter (a decrease of VND 1,089 per liter compared to the current base price) and VND 745 per liter lower than RON95-III gasoline.
RON95-III gasoline: not exceeding VND 19,635 per liter (a decrease of VND 1,192 per liter compared to the current base price).
0.05S diesel oil: not exceeding VND 17,165 per liter (a decrease of VND 927 per liter compared to the current base price).
Kerosene: not exceeding VND 17,790 per liter (a decrease of VND 934 per liter compared to the current base price).
180CST 3.5S mazut: not exceeding VND 14,467 per kg (a decrease of VND 688 per kg compared to the current base price).
Regarding the reasons for the decrease in gasoline and oil prices, the Ministries explained that the world gasoline and oil market during this price adjustment period (from September 5, 2024, to September 11, 2024) was influenced by factors such as OPEC+’s downward revision of its 2024 oil demand forecast compared to previous estimates and the postponement of plans to increase oil production; weak oil demand from China; the ongoing military conflict between Russia and Ukraine, etc. These factors contributed to a downward trend 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 September 5, 2024, and September 12, 2024, was as follows: $76.510 per barrel for RON92 gasoline, which is used to blend E5RON92 gasoline (a decrease of $5.614 per barrel, or 6.84%); $80.594 per barrel for RON95 gasoline (a decrease of $5.720 per barrel, or 6.63%); $84.196 per barrel for kerosene (a decrease of $4.764 per barrel, or 5.36%); $82.250 per barrel for 0.05S diesel oil (a decrease of $4.716 per barrel, or 5.42%); and $412.684 per ton for 180CST 3.5S mazut (a decrease of $21.538 per ton, or 4.96%).
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 scheme to ensure that domestic gasoline and oil prices are suitable for the world gasoline and oil market. They also maintained a reasonable price difference between bio-gasoline E5RON92 and mineral gasoline RON95 to encourage the use of biofuels in line with the government’s policy and to balance the interests of all market participants.
