On the afternoon of November 28, 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 make deductions from or contributions to the Price Stabilization Fund for gasoline (E5RON92 and RON95) and oil products (diesel, kerosene, and mazut).
After the adjustment, the selling prices of popular gasoline and oil products in the market are as follows:
E5RON92 gasoline: not exceeding VND 19,840 per liter (an increase of VND 497 per liter compared to the current base price), VND 1,017 lower than RON95-III gasoline.
RON95-III gasoline: not exceeding VND 20,857 per liter (an increase of VND 329 per liter compared to the current base price).
0.05S diesel oil: not exceeding VND 18,777 per liter (an increase of VND 268 per liter compared to the current base price).
Kerosene: not exceeding VND 19,142 per liter (an increase of VND 221 per liter compared to the current base price).
180CST 3.5S mazut: not exceeding VND 16,125 per kg (an increase of VND 111 per kg compared to the current base price).
Regarding the reasons for the increase in gasoline and oil prices, the Ministries stated that the world gasoline and oil market during this price adjustment period (from November 21, 2024, to November 27, 2024) was influenced by factors such as the ceasefire agreement between Israel and Hezbollah in the Middle East, increasing gasoline and oil reserves in the US, OPEC+’s continued discussion on postponing the plan to increase oil production, and the ongoing military conflict between Russia and Ukraine. These 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 November 21, 2024, and November 28, 2024, was as follows: 80.360 USD/barrel for RON92 gasoline, which is used to blend E5RON92 (an increase of 2.782 USD/barrel, or 3.59%); 85.362 USD/barrel for RON95 gasoline (an increase of 1.716 USD/barrel, or 2.05%); 89.878 USD/barrel for kerosene (an increase of 1.266 USD/barrel, or 1.43%); 89.732 USD/barrel for 0.05S diesel (an increase of 1.530 USD/barrel, or 1.73%); and 453.944 USD/ton for 180CST 3.5S mazut (an increase of 3.896 USD/ton, or 0.87%).
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 scheme to ensure that domestic gasoline and oil price changes are consistent with world price movements. The Ministries also aim to maintain 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.
The Great Fuel Price Surge
Gasoline prices have seen a recent surge, with E5RON92 experiencing a hike of VND 336 per liter, and RON95-III climbing by VND 351 per liter. In a similar vein, various types of oil have also witnessed increases ranging from VND 461 to VND 769 per liter. However, bucking the trend, the price of 180CST 3.5S madut oil has decreased by VND 67 per kilogram compared to the current base price.
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.
