On the afternoon of August 15, 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 decided not to use the Price Stabilization Fund for gasoline and oil products, including E5RON92 gasoline, RON95 gasoline, diesel, kerosene, and mazut.
As a result, the prices of gasoline and oil products in the market are as follows:
E5RON92 gasoline: not exceeding 20,882 VND/liter (increased by 167 VND/liter compared to the current base price), lower than RON95-III gasoline by 970 VND/liter.
RON95-III gasoline: not exceeding 21,852 VND/liter (increased by 179 VND/liter compared to the current base price).
0.05S diesel: not exceeding 19,230 VND/liter (increased by 89 VND/liter compared to the current base price).
Kerosene: not exceeding 19,572 VND/liter (increased by 161 VND/liter compared to the current base price).
180CST 3.5S mazut: not exceeding 16,245 VND/kg (increased by 217 VND/kg compared to the current base price).
Regarding the reason for the fuel price increase, the Ministries cited various factors influencing the global fuel market during this price adjustment period (from Aug 8 to Aug 14, 2024). These factors include new developments in the Middle East conflict, an increase in US crude oil reserves, OPEC’s prediction of lower oil demand in 2024 due to a weakening Chinese economy, and the ongoing military conflict between Russia and Ukraine.
- 86.385 USD/barrel for RON92 gasoline (an increase of 1.189 USD/barrel or 1.40%)
- 90.893 USD/barrel for RON95 gasoline (an increase of 1.203 USD/barrel or 1.34%)
- 93.020 USD/barrel for kerosene (an increase of 1.190 USD/barrel or 1.30%)
- 92.705 USD/barrel for 0.05S diesel (an increase of 0.777 USD/barrel or 0.85%)
- 469.243 USD/ton for 180CST 3.5S mazut (an increase of 9.093 USD/ton or 1.98%)
Given the fluctuations in global fuel prices, exchange rates, and existing regulations, the Ministries of Industry and Trade and Finance decided on a pricing strategy to ensure that domestic fuel prices remain in line with global market trends. This strategy also maintains a reasonable price difference between E5RON92 biofuel and RON95 mineral fuel to encourage the use of biofuels in line with the government’s policy. The decision aims to balance the interests of all parties involved in the market.
High-level VPI expert: 3 solution groups ensuring domestic fuel supply
With the world’s oil demand forecasted to increase by 2024 compared to 2023, amidst potential disruptions in oil supply due to geopolitical conflicts and production cut policies, Mr. Doan Tien Quyet, a senior expert from the Vietnam Petroleum Institute (VPI), shared with TTXVN reporters about the coping solutions to ensure stable supply for the domestic market.
Increase in domestic flight ticket prices from 1st March 2024.
Effective from March 1, 2024, in accordance with Circular 34/2023/TT-BGTVT issued by the Ministry of Transport, which amends and supplements certain provisions of Circular 17/2019/TT-BGTVT on the framework of domestic passenger transportation service fares, there will be an increase in the upper limit of domestic airfare prices starting from March 1.
From 1/3, domestic flight ticket prices will increase significantly
Beginning from March 1st, in accordance with the Circular 34 issued by the Ministry of Transport, there will be an increase in the maximum airfare for domestic flights.
