On the afternoon of January 9, 2025, 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 oil, fuel oil, and mazut.
After the adjustment, the selling prices of popular gasoline and oil products in the market are as follows:
E5RON92 gasoline: not exceeding 20,431 VND/liter (increased by 374 VND/liter compared to the current base price), lower than RON95-III gasoline by 588 VND/liter.
RON95-III gasoline: not exceeding 21,019 VND/liter (increased by 273 VND/liter compared to the current base price).
0.05S diesel oil: not exceeding 19,243 VND/liter (increased by 488 VND/liter compared to the current base price).
Fuel oil: not exceeding 19,244 VND/liter (increased by 410 VND/liter compared to the current base price).
180CST 3.5S mazut: not exceeding 16,182 VND/kg (increased by 83 VND/kg compared to the current base price).
Regarding the reasons for the gasoline and oil price increase, the Ministries stated that the world gasoline and oil market during this price adjustment period (from January 2, 2025, to January 8, 2025) was influenced by factors such as the strengthening of the US dollar, increasing oil inventories in the US, China’s economic stimulus plans, and the ongoing military conflict between Russia and Ukraine. These factors caused fluctuations in world gasoline and oil prices, with increases and decreases depending on the product.
Specifically, the average price of world gasoline and oil products between the price adjustments on January 2 and January 9, 2025, was as follows: 83.360 USD/barrel for RON92 gasoline used to blend E5RON92 (increased by 2.055 USD/barrel, equivalent to a 2.53% increase); 85.992 USD/barrel for RON95 gasoline (increased by 1.387 USD/barrel, equivalent to a 1.64% increase); 90.308 USD/barrel for fuel oil (increased by 2.310 USD/barrel, equivalent to a 2.63% increase); 92.218 USD/barrel for 0.05S diesel oil (increased by 2.740 USD/barrel, equivalent to a 3.06% increase); and 455.206 USD/ton for 180CST 3.5S mazut (increased by 2.736 USD/ton, equivalent to a 0.60% increase)
In this price adjustment, given the fluctuations in world gasoline and oil prices, exchange rate movements, and current regulations, the Ministries of Industry and Trade and Finance decided on a price adjustment plan to ensure that domestic gasoline and oil price changes are in line with world price movements. The plan also 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, and to balance the interests of all participants in the market.
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After three consecutive hikes, fuel prices witnessed a mixed trend during the January 23rd revision. Specifically, gasoline prices saw a marginal decline, with E5RON92 recording a drop of 158 VND per liter and RON95-III falling by 78 VND per liter. Conversely, diesel prices surged, with various types of oil registering significant increases ranging from 404 VND per liter to 571 VND per kg/liter compared to the current base price.
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Today (January 9th), domestic gasoline prices rose by 270 to 380 VND per liter.
The Ever-Changing Landscape of Fuel Prices: A Tale of Rising and Falling Costs
Amidst global developments, domestic gasoline prices have witnessed a contrasting mix of adjustments. Specifically, E5RON92 gasoline experienced a surge of 24 VND per liter, while RON95-III gasoline witnessed a decrease of 294 VND per liter. The narrative continues with various types of oils, which saw reductions ranging from 325 VND per liter to 395 VND per liter. However, the price of 180CST 3.5S mazut oil remained unchanged compared to the previous adjustment period.
The Big Fuel Sale: Slashing Prices Across the Board
On December 26, domestic gasoline and oil prices underwent significant reductions. Specifically, E5RON92 gasoline decreased by VND 427 per liter, while RON95-III gasoline dropped by VND 457 per liter. Similarly, various types of oil witnessed decreases ranging from VND 103 per liter to VND 260 per liter. However, 180CST 3.5S madut oil experienced a slight increase of VND 67 per kilogram.
The Great Fuel Price Surge
After two consecutive drops, fuel prices rebounded on November 28th. Specifically, E5RON92 gasoline increased by VND 497 per liter, while RON95-III rose by VND 329 per liter. Similarly, various types of oil also witnessed hikes ranging from VND 111 to VND 268 per liter compared to the current base prices.
