The Ministries of Industry and Trade and Finance have recently adjusted fuel prices, with RON 95 gasoline increasing by 174 VND per liter to 19,903 VND/liter, and E5 RON 92 gasoline rising by 88 VND per liter to 19,226 VND/liter.
Conversely, diesel prices have decreased by 181 VND per liter to 18,423 VND/liter, kerosene by 28 VND per liter to 18,406 VND/liter, and mazut by 437 VND per kg to 14,371 VND/kg.
During this pricing cycle, the Ministries of Industry and Trade and Finance have opted not to utilize the Price Stabilization Fund for petroleum products.
Since the beginning of the year, RON 95 gasoline has seen 23 price increases and 20 decreases, while diesel has experienced 21 increases, 20 decreases, and one unchanged period.
Fuel prices fluctuate in opposite directions starting from 3 PM today.
According to the Ministry of Industry and Trade, global oil market dynamics during this pricing period have been influenced by key factors such as OPEC+’s announcement of increased oil production in November, albeit lower than expected; weakening global oil demand; and the ongoing military conflict between Russia and Ukraine, with Ukraine intensifying attacks on Russian energy infrastructure. These factors have led to fluctuating global oil prices, with a predominant downward trend across various products.
The average global price of refined petroleum products between the pricing adjustments on October 9 and 16 was 76.2 USD per barrel for RON92 gasoline (up 0.1 USD/barrel) and 79.06 USD per barrel for RON95 gasoline (up 0.7 USD/barrel).
Global oil prices have hovered near five-month lows due to persistent U.S.-China trade tensions and concerns over increasing supply. The International Energy Agency has warned that the global oil market could face a surplus of up to 4 million barrels per day by 2026.
Additionally, new trade disputes between the U.S. and China, the world’s largest oil consumers, have disrupted global shipping routes and eroded market confidence.
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