The inter-ministerial regulatory body has announced adjustments to fuel prices: E5 RON92 gasoline rises by 6 VND per liter, reaching 19,624 VND/liter, while RON95-III gasoline increases by 44 VND/liter to 20,209 VND/liter.
Fuel prices increase starting this afternoon, October 2nd.
Diesel 0.05S climbs by 380 VND/liter to 19,038 VND/liter, kerosene rises by 377 VND/liter to over 19,005 VND/liter, and mazut 180CST 3.5S increases by 161 VND/kg to 15,370 VND/kg.
During this regulatory period, the Inter-Ministerial Body continues to neither allocate nor utilize the Price Stabilization Fund for petroleum products.
One week ago, on September 25th at 3:00 PM, fuel prices decreased by 47 to 443 VND/liter/kg, depending on the product, except for mazut, which saw a price increase.
Thus, gasoline prices have rebounded after the reduction seven days ago.
Global Petroleum Market Trends
According to the regulatory body, the global petroleum market during this adjustment period is influenced primarily by factors such as: OPEC+ increasing oil production in October with further increases expected in November; the U.S. government halting various activities; and rising U.S. crude oil inventories.
These factors have caused global petroleum prices to fluctuate over recent days, varying by product.
In the global market, during the early trading session on October 2nd, crude oil prices on platforms like Trading Economics and Oilprice continued their record decline.
Specifically, at 6:25 AM (Vietnam time), on Trading Economics, WTI spot oil was priced at $61.80 per barrel, down $0.50 per barrel, a 0.8% decrease from the previous day. Brent crude traded at $65.48 per barrel, down $0.54 per barrel, a 0.82% price drop compared to the previous day.
The sharp decline in oil prices during the day resulted in the average crude oil price in September falling by 5.3% to 5.6% compared to August. Year-over-year, oil prices have decreased by over 11%.
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Fuel Prices Drop by Over 400 VND per Liter
The regulatory authority has announced a reduction in retail prices for all gasoline products, with diesel prices experiencing varying adjustments depending on the type. These changes will take effect starting at 3:00 PM today, September 18th.
RON 95 Gasoline Price Surges to 20,608 VND per Liter
At 3:00 PM on September 18th, the Ministries of Industry and Trade and Finance jointly announced an increase in fuel prices, ranging from 40 to 230 VND per liter or kilogram, depending on the type of fuel.
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“Sooner or later, we must factor in accurate accounting for businesses when it comes to electricity pricing. EVN [Electricity of Vietnam] cannot shoulder the burden indefinitely,” emphasized Mr. Trinh Quoc Vu, Deputy Director of the Electricity and Renewable Energy Authority (Ministry of Industry and Trade).
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Russia is willing to be flexible on price to maintain its market share in this crucial market.
