On the afternoon of November 7, 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 fuel oil.
After the adjustment, the selling prices of popular gasoline and oil products in the market are as follows:
E5RON92 gasoline: not exceeding 19,744 VND/liter (increased by 336 VND/liter compared to the current base price), 1,110 VND/liter lower than RON95-III gasoline.
RON95-III gasoline: not exceeding 20,854 VND/liter (increased by 351 VND/liter compared to the current base price).
0.05S diesel oil: not exceeding 18,917 VND/liter (increased by 769 VND/liter compared to the current base price).
Kerosene: not exceeding 19,294 VND/liter (increased by 461 VND/liter compared to the current base price).
180CST 3.5S fuel oil: not exceeding 16,394 VND/kg (decreased by 67 VND/kg compared to the current base price).
Regarding the reason for the price increase, the Ministries stated that the world gasoline and oil market during this price adjustment period (from October 31, 2024, to November 06, 2024) was influenced by factors such as conflicts in the Middle East, OPEC+’s postponement of plans to increase oil production, and the ongoing military conflict between Russia and Ukraine. The above factors caused fluctuations in world gasoline and oil prices in recent days, with increases and decreases depending on the product.
Specifically, the average price of world gasoline and oil products between the price adjustment on October 31, 2024, and November 07, 2024, was as follows: 79,970 USD/barrel for RON92 gasoline, which is used to blend E5RON92 gasoline (increased by 2.064 USD/barrel, or 2.65%); 85,500 USD/barrel for RON95 gasoline (increased by 1.852 USD/barrel, or 2.21%); 90,910 USD/barrel for kerosene (increased by 2.664 USD/barrel, or 3.02%); 90,693 USD/barrel for 0.05S diesel oil (increased by 4.419 USD/barrel, or 5.12%); and 464,355 USD/ton for 180CST 3.5S fuel oil (decreased by 2.357 USD/ton, or 0.51%).
In this price adjustment, given the fluctuations in world gasoline and oil prices, exchange rate movements, 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. The Ministries also aim 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.
Is a V-Shaped Recovery in the Cards for the Market Post-Deep Pullback?
The afternoon session witnessed a surge in trading activities, with momentum picking up towards the end. The depletion of selling pressure from the morning session triggered a rapid upward swing in prices. As buying momentum improved, sellers became imbalanced, leading to a dominant wave of rising prices across the board. The HoSE trading volume soared by 130% in the afternoon session compared to the morning.
The Ever-Falling Fuel Prices
On November 21, fuel prices witnessed another downward adjustment. Specifically, E5RON92 gasoline decreased by VND 109 per liter, while RON95-III gasoline dropped by VND 79 per liter. Various types of oil also saw reductions ranging from VND 64 to VND 79 per liter, except for 180CST 3.5S fuel oil, which increased by VND 5 per kilogram compared to the current base price.
The Fuel Price Drop: A Welcome Relief for Drivers
Today’s price adjustment (October 31st) sees domestic gasoline prices drop by 290 to 390 VND per liter.
The Great Fuel Flip: Gasoline Discounts and Rising Oil Prices
On October 31, the fuel prices witnessed a mixed bag of trends. While gasoline prices for E5RON92 and RON95-III decreased by VND 284 and VND 391 per liter, respectively, oil prices saw an increase ranging from VND 91 to VND 263 per liter, compared to the current base price.
