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On the afternoon of December 5, the Ministries of Industry and Trade and Finance announced adjustments to the selling prices of gasoline and oil products.
In this price adjustment, the two ministries continued to neither collect nor use the Price Stabilization Fund for RON92 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:
RON92 gasoline: no higher than 19,864 VND/liter (increased by 24 VND/liter compared to the current base price) and lower than RON95-III gasoline by 699 VND/liter.
RON95-III gasoline: not more than 20,563 VND/liter (a decrease of 294 VND/liter from the current base price).
0.05S diesel: not more than 18,382 VND/liter (a decrease of 395 VND/liter from the current base price).
Kerosene: not more than 18,817 VND/liter (a decrease of 325 VND/liter from the current base price).
Fuel oil 180CST 3.5S: not more than 16,125 VND/kg (unchanged from the current base price).
Regarding the reason for the price adjustment, the ministries explained that the global gasoline and oil market during this price management period (from November 28, 2024, to December 4, 2024) was influenced by factors such as the decrease in US crude oil reserves, the expected upcoming decision of OPEC+ to cut 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 global average price of refined gasoline and oil products between the price adjustments on November 28, 2024, and December 5, 2024, were as follows: 80.760 USD/barrel for RON92 gasoline used to blend E5RON92 gasoline (an increase of 0.400 USD/barrel, equivalent to a 0.50% increase); 83.936 USD/barrel for RON95 gasoline (a decrease of 1.426 USD/barrel, or a 1.67% decrease); 88.140 USD/barrel for kerosene (a decrease of 1.738 USD/barrel, or a 1.93% drop); 87.600 USD/barrel for 0.05S diesel (a decrease of 2.132 USD/barrel, or a 2.38% drop); and 454.632 USD/ton for 180CST 3.5S fuel oil (an increase of 0.688 USD/ton, or a 0.15% rise).
Given the fluctuations in global gasoline and oil prices, exchange rate movements between the VND and USD, and current regulations, the Ministries of Industry and Trade and Finance decided on a price management strategy to ensure that domestic gasoline and oil price changes are consistent with global trends. They also maintained a reasonable price difference between biofuel E5RON92 and mineral RON95 gasoline to encourage the use of biofuels in line with the government’s policy. This decision aims to balance the interests of all participants in the market.
The Big Fuel Sale: Slashing Prices Across the Board
On December 26, domestic gasoline and oil prices underwent significant reductions. Specifically, E5RON92 gasoline decreased by VND 427 per liter, while RON95-III gasoline dropped by VND 457 per liter. Similarly, various types of oil witnessed decreases ranging from VND 103 per liter to VND 260 per liter. However, 180CST 3.5S madut oil experienced a slight increase of VND 67 per kilogram.
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.
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.
