Fuel Prices Adjusted: Gasoline Prices Increased for the Second Consecutive Time
The inter-ministerial agency decided to increase the price of E5RON92 gasoline by VND 207 per liter compared to the current base price, to VND 19,608 per liter; RON95-III gasoline increased by VND 234 per liter compared to the current base price, to VND 20,074 per liter.
Fuel Prices Rise
Meanwhile, 0.05S diesel oil decreased by VND 268 per liter compared to the current base price, to VND 18,800 per liter; kerosene decreased by VND 54 per liter, to VND 18,660 per liter. Conversely, 180CST 3.5S mazut increased by VND 114 per kg, to VND 15,647 per kg.
At this adjustment, the Ministries continue to not pro-actively use the Petrol Price Stabilization Fund for all fuel products.
The time to apply the new base price will last until the next announcement of the Ministry of Industry and Trade. Enterprises adjust prices according to regulations in the current decrees and circulars on petroleum business management and the use of the Price Stabilization Fund.
Thus, domestic gasoline prices have increased for the second consecutive time. Since the beginning of the year, RON 95 gasoline has increased 18 times and decreased 15 times.
The Ministry of Industry and Trade explained that the world petroleum market during this adjustment period was influenced by the following main factors: updated information on US tax policies for imported goods from trading partners; OPEC+ decided to increase oil extraction output in September…
The above factors caused fluctuations in world petroleum prices in recent days, depending on the product.
A week ago, on July 31, E5RON92 gasoline increased by VND 122 per liter compared to the previous period, to VND 19,401 per liter (increased); RON95-III gasoline increased by VND 131 per liter, to VND 19,840 per liter.
Domestic Gasoline Prices Increase as World Oil Prices Drop Sharply, WTI and Brent Fall Below Key Levels
In the world market, at 7:00 am (Vietnam time) on August 7, on Tranding Economics, WTI oil traded at $64.3 per barrel, down $0.8 per barrel, or 1.24% from the previous day. Brent crude oil traded at $66.87 a barrel, down $0.8, or 1.2%, from the previous day.
World oil prices in August compared to the previous month decreased sharply, in which WTI oil decreased by 5.3%, Brent oil decreased by 4%. Compared to the same period last year, oil prices decreased by more than 14%.
Tranding Economics page assesses that Brent crude oil futures fell 1.1% to $66.9 a barrel on Wednesday, marking the fifth consecutive decline and hitting a 10-week low.
Prices initially rose on concerns about supply after President Trump’s executive order imposing a 25% tax on Indian goods due to oil imports from Russia.
Fuel Prices Surge: A Mixed Bag for Oil-Based Commodities
The global market dynamics have led to a mixed bag of fortunes for domestic fuel prices on August 7th. Gasoline prices witnessed an upward trend, with E5RON92 and RON95-III registering increases of 207 VND and 234 VND per liter, respectively. Conversely, oil prices took a downturn, with reductions ranging from 54 VND to 268 VND per liter, except for 180CST 3.5S which saw a marginal increase of 114 VND per kg compared to the current base price.
The Vice Premier’s Directive on Electricity and Fuel Price Regulation
“The esteemed Vice Prime Minister, Ho Duc Phoc, emphasizes the critical importance of effective price management and governance as a pivotal strategy to propel economic growth. Among the key areas of focus, he highlights the management of electricity and fuel prices, underscoring their impact on the broader economy. This directive serves as a timely reminder of the government’s commitment to fostering a stable and prosperous Vietnam.”
The Rising Gasoline Price: A Concern for All
After two consecutive price drops, fuel prices rebounded on July 31st, with E5RON92 gasoline increasing by 122 VND per liter and RON95-III gasoline rising by 131 VND per liter. The prices of various oils also witnessed hikes ranging from 86 VND per liter to 154 VND per kg, except for 0.05S diesel, which saw a decrease of 61 VND compared to the current base price.
The Great Fuel Flip: Gasoline Discounts and Rising Oil Prices
After three consecutive hikes, fuel prices witnessed a mixed trend during the January 23rd revision. Specifically, gasoline prices saw a marginal decline, with E5RON92 recording a drop of 158 VND per liter and RON95-III falling by 78 VND per liter. Conversely, diesel prices surged, with various types of oil registering significant increases ranging from 404 VND per liter to 571 VND per kg/liter compared to the current base price.
The Ever-Changing Landscape of Fuel Prices: A Tale of Rising and Falling Costs
Amidst global developments, domestic gasoline prices have witnessed a contrasting mix of adjustments. Specifically, E5RON92 gasoline experienced a surge of 24 VND per liter, while RON95-III gasoline witnessed a decrease of 294 VND per liter. The narrative continues with various types of oils, which saw reductions ranging from 325 VND per liter to 395 VND per liter. However, the price of 180CST 3.5S mazut oil remained unchanged compared to the previous adjustment period.
