Fuel Prices Rise for the Second Consecutive Time
The inter-ministerial agency has decided to increase the price of E5 RON gasoline by VND 307 per liter compared to the current base price, to VND 19,771 per liter; RON95-III gasoline increased by VND 271 per liter to VND 20,363 per liter.
Fuel prices rise for the second consecutive time
Meanwhile, 0.05S diesel increased by VND 452 per liter to VND 18,357 per liter; kerosene increased by VND 411 per liter to VND 18,225 per liter; and 180CST 3.5S mazut increased by VND 144 per kg to VND 15,260 per kg.
At this adjustment, the Ministries continue to not use the Petrol Price Stabilization Fund for these products.
The new base prices will be applied until the next announcement of the Ministry of Industry and Trade. Enterprises must adjust prices according to current regulations in the decrees and circulars on petrol business management and the use of the Petrol Price Stabilization Fund.
Thus, fuel prices have risen for the second consecutive time. Since the beginning of the year, RON 95 gasoline has increased 19 times and decreased 16 times.
According to the management agency, the world oil and gas market during this adjustment period was mainly affected by factors such as: the US imposing higher taxes on goods imported from India; US crude oil inventories fell more than expected…
Fuel Prices Rise Following Global Trends
The above factors caused fluctuations in world fuel prices in recent days, with prices rising and falling depending on the product.
In the global market, oil prices in the early morning of August 28 on oil trading floors such as Tranding Economics and Oilprice rebounded, increasing by nearly 1% compared to the previous trading session.
Specifically, at 6:40 am (Vietnam time) on Tranding Economics, WTI oil traded at $63.75 per barrel, up $0.5 per barrel, or 0.8% from the previous day.
Brent crude oil was traded at $67.67 a barrel, up $0.45, or 0.68% in price from the previous day.
The Ministry of Industry and Trade Admits: Sales of E5 Gasoline Are Underperforming
At the Ministry of Industry and Trade’s regular press conference on January 7, representatives from the Domestic Market Department acknowledged the declining consumption of E5 biofuel.
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“Securing Fuel Supply: The Prime Minister’s Directive for Uninterrupted Access”
The Prime Minister directs the Ministry of Industry and Trade to instruct gasoline and oil traders to secure their supply chains and ensure an uninterrupted flow of fuel to their distribution networks. The directive emphasizes the importance of proactive planning, urging traders to prepare for the upcoming year and beyond by developing comprehensive fuel plans for 2025 and subsequent years.
What’s Happening in the Gas and Oil Market?
The proposed reduction in the minimum total allocated sources for some gasoline and oil enterprises needs to be carefully considered to prevent any adverse effects on national energy security.
Securing Gasoline and Oil Supplies for the Remaining Months of 2024
In the last quarter of 2024, the total production and import of petroleum products is estimated to reach 10.2 million cubic meters/tons, with consumption projected to be over 8 million cubic meters/tons. Barring any unforeseen circumstances, the supply of petroleum products will be sufficient to meet the demands of production, business operations, and consumer needs.
