On the afternoon of October 31, the Ministry of Industry and Trade announced adjustments to the selling prices of gasoline and oil products.
In this price adjustment, the Ministries decided to neither withdraw from nor contribute to the Petroleum Price Stabilization Fund for RON92 gasoline, RON95 gasoline, 0.05S diesel oil, kerosene, and mazut.
After the adjustment, the selling prices of popular gasoline and oil products in the domestic market are as follows:
RON92 gasoline: not exceeding VND 19,408 per liter (down VND 284 per liter compared to the current base price) and VND 1,095 per liter lower than RON95-III gasoline.
RON95-III gasoline: not exceeding VND 20,503 per liter (down VND 391 per liter compared to the current base price)
0.05S diesel oil: not exceeding VND 18,148 per liter (up VND 91 per liter compared to the current base price)
Kerosene: not exceeding VND 18,833 per liter (up VND 263 per liter compared to the current base price)
180CST 3.5S mazut: not exceeding VND 16,461 per kg (up VND 232 per kg compared to the current base price)
Regarding the reasons for adjusting domestic gasoline and oil prices, the Ministries explained that the world gasoline and oil market during this price adjustment period (from October 24, 2024, to October 30, 2024) was influenced by factors such as conflicts in the Middle East, decreased US crude oil reserves, OPEC+’s possible postponement of plans to increase oil production, and the ongoing military conflict between Russia and Ukraine. These factors caused fluctuations in world gasoline and oil prices, with increases and decreases depending on the product.
Specifically, the average price of world gasoline and oil products between the price adjustment period on October 24, 2024, and October 31, 2024, was as follows: $77.906 per barrel for RON92 gasoline (down $1.812 per barrel, or 2.27%); $83.648 per barrel for RON95 gasoline (down $2.298 per barrel, or 2.67%); $88.246 per barrel for kerosene (up $1.328 per barrel, or 1.53%); $86.274 per barrel for 0.05S diesel oil (up $0.340 per barrel, or 0.40%); and $466.712 per ton for 180CST 3.5S mazut (up $7.322 per ton, or 1.59%).
In this price adjustment, given the fluctuations in world gasoline and oil prices, the strong appreciation of the VND against the USD, and current regulations, the Ministries of Industry and Trade and Finance decided on a price adjustment plan to ensure that changes in domestic gasoline and oil prices are consistent with world price movements. The Ministries also aim to maintain a reasonable price difference between bio-fuel E5RON92 and RON95 to encourage the use of bio-fuel in line with the government’s policy and to balance the interests of all market participants.
The Soaring Prices of Gas and Oil: RON 95 Surges Past 20,000 VND per Liter
Today (September 26th) saw a rise in domestic gasoline prices, with an increase of VND 680 to 750 per liter.
The Great Gas Price Plunge: What Happened Over the Last 3 Years?
As of 3 pm on September 12th, the joint decision by the Ministry of Industry and Trade and the Ministry of Finance to adjust retail fuel prices came into effect. Domestic fuel prices have seen a reduction of VND 688-1,192 per liter across the board.
