On the afternoon of December 26, the Ministries of Industry and Trade and Finance announced adjustments to the selling prices of gasoline and oil products.
This adjustment period marks the continuation of the Ministries’ decision to neither withdraw from nor contribute to the Petroleum Price Stabilization Fund for E5RON92 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:
E5RON92 gasoline: no higher than 19,817 VND/liter (a decrease of 427 VND/liter compared to the current base price), 730 VND/liter lower than RON95-III gasoline.
RON95-III gasoline: no higher than 20,547 VND/liter (a decrease of 457 VND/liter compared to the current base price).
0.05S diesel oil: no higher than 18,630 VND/liter (a decrease of 103 VND/liter compared to the current base price).
Kerosene: no higher than 18,708 VND/liter (a decrease of 260 VND/liter compared to the current base price).
180CST 3.5S mazut: no higher than 15,970 VND/kg (an increase of 67 VND/kg compared to the current base price).
Regarding the reasons for the price reduction, the Ministries cited factors such as the European Union’s approval of a sanctions package against Russia (an OPEC+ member), geopolitical risks in the Middle East, and the ongoing military conflict between Russia and Ukraine. These factors led to fluctuations in world gasoline and oil prices over the past few days, with prices rising and falling depending on the product.
Specifically, the average price of world gasoline and oil products between the price adjustment period from December 19, 2024, to December 26, 2024, was as follows: 80.323 USD/barrel for RON92 gasoline, which is used to blend E5RON92 gasoline (a decrease of 2.543 USD/barrel, equivalent to a 3.07% decrease); 83.673 USD/barrel for RON95 gasoline (a decrease of 2.543 USD/barrel, equivalent to a 2.95% decrease); 87.310 USD/barrel for kerosene (a decrease of 1.654 USD/barrel, or 1.86%); 88.813 USD/barrel for 0.05S diesel oil (a decrease of 0.753 USD/barrel, or 0.84%); and 448.068 USD/ton for 180CST 3.5S mazut (an increase of 1.576 USD/ton, or 0.35%).
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. They 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. This decision takes into account the interests of all participants in the market.
The Great Fuel Price Surge
After two consecutive drops, fuel prices rebounded on November 28th. Specifically, E5RON92 gasoline increased by VND 497 per liter, while RON95-III rose by VND 329 per liter. Similarly, various types of oil also witnessed hikes ranging from VND 111 to VND 268 per liter compared to the current base prices.
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.
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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.
