The Great Fuel Price Surge

"The dynamic world of fuel pricing is ever-evolving, and this time, we witness a notable surge. The prices of E5RON92 and RON95-III gasoline have risen by 679 VND and 756 VND per liter, respectively. In tandem, the costs of various oils have also escalated, ranging from a substantial 322 VND to 531 VND per liter or kilogram, compared to the current base rates. Stay tuned as we navigate these fluctuations together, bringing you the latest updates on the energy landscape."

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On the afternoon of September 26, 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 use the Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, 0.05S diesel oil, kerosene, and mazut.

After the adjustment, the selling prices of popular gasoline and oil products in the market are as follows:

 E5RON92 gasoline: not exceeding VND 19,620 per liter (up VND 679 per liter compared to the current base price) and lower than RON95-III gasoline by VND 898 per liter.

RON95-III gasoline: not exceeding VND 20,518 per liter (up VND 756 per liter compared to the current base price).

0.05S diesel oil: not exceeding VND 17,506 per liter (up VND 463 per liter compared to the current base price).

Kerosene: not exceeding VND 17,873 per liter (up VND 322 per liter compared to the current base price).

180CST 3.5S mazut: not exceeding VND 15,357 per kg (up VND 531 per kg compared to the current base price).

Fluctuation of domestic gasoline and oil prices from 1/4/2024 – 9/26/2024.

Regarding the reason for the increase in gasoline and oil prices, the Ministries explained that the world gasoline and oil market during this price adjustment period (from September 19, 2024, to September 25, 2024) was influenced by factors such as increased conflict in the Middle East, economic stimulus measures by China, and the ongoing military conflict between Russia and Ukraine. These factors caused fluctuations in world gasoline and oil prices in recent days, with prices increasing or decreasing depending on the product.

Specifically, the average price of world gasoline and oil products between the price adjustment on September 19, 2024, and September 26, 2024, was as follows: $80.942 per barrel for RON92 gasoline, which is used to blend E5RON92 gasoline (up $3.924 per barrel, or 5.09%); $85.586 per barrel for RON95 gasoline (up $4.082 per barrel, or 5.01%); $84.872 per barrel for kerosene (up $1.884 per barrel, or 2.27%); $84.446 per barrel for 0.05S diesel oil (up $2.712 per barrel, or 3.32%); and $446.294 per ton for 180CST 3.5S mazut (up $19.406 per ton, or 4.55%).

Fluctuation of world gasoline and oil product prices from September 19, 2024 – September 25, 2024.

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 world gasoline and oil market. The Ministries also aim to maintain a reasonable price difference between bio-gasoline E5RON92 and mineral gasoline RON95 to encourage the use of biofuels as per the government’s policy and to balance the interests of all market participants.

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