On the afternoon of August 1, 2024, the Ministries of Industry and Trade and Finance announced adjustments to the selling prices of gasoline and oil products.
In this price adjustment, the Ministries continued to not make deductions from or contribute to the Price Stabilization Fund for gasoline (E5RON92 and RON95) and oil products (diesel, kerosene, and mazut).
After the adjustment, the retail prices of gasoline products are as follows: E5RON92 – not exceeding 21,616 VND/liter (a decrease of 284 VND/liter compared to the current base price) and RON95-III – not exceeding 22,603 VND/liter (a decrease of 281 VND/liter compared to the current base price). E5RON92 is now 987 VND/liter lower than RON95-III.
The retail price of 0.05S diesel is not higher than 19,878 VND/liter (a decrease of 316 VND/liter compared to the current base price). Kerosene is not higher than 20,095 VND/liter (a decrease of 231 VND/liter compared to the current base price). 180CST 3.5S mazut is not higher than 16,886 VND/kg (a decrease of 292 VND/kg compared to the current base price)
Regarding the reasons for the price reduction, the Ministries cited the impact of various factors on the global gasoline and oil market during this price adjustment period (from July 25, 2024, to July 31, 2024). These factors include new developments in the conflict in the Middle East, a decrease in US crude oil reserves, a downward trend in China’s oil demand, and the ongoing military conflict between Russia and Ukraine.
As a result of these factors, global gasoline and oil prices have fluctuated, with a slight downward trend. Specifically, the average price of world gasoline and oil products between the price adjustment period on July 25, 2024, and August 1, 2024, was as follows: 89,910 USD/barrel for RON92 gasoline (used to blend E5RON92) – a decrease of 1.274 USD/barrel or 1.40%; 94,204 USD/barrel for RON95 gasoline – a decrease of 1.400 USD/barrel or 1.46%; 95,372 USD/barrel for kerosene – a decrease of 1.268 USD/barrel or 1.31%; 95,758 USD/barrel for 0.05S diesel – a decrease of 1.752 USD/barrel or 1.80%; and 488,834 USD/ton for 180CST 3.5S mazut – a decrease of 10,092 USD/ton or 2.02%.
In this price adjustment, given the fluctuations in world gasoline and oil prices, exchange rates, and current regulations, the Ministries of Industry and Trade and Finance decided on a price adjustment plan to ensure that domestic gasoline and oil prices are suitable for the global market. This plan aims 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. It also strives to balance the interests of all participants in the market.
