At the price adjustment on October 23rd, the price of E5 RON 92 gasoline increased by 460 VND/liter, to 22,370 VND/liter; RON 95 gasoline increased by 470 VND/liter, to 23,510 VND/liter. This marks a return to an increase after two consecutive sharp decreases, including one decrease of up to 1,800 VND/liter.
Explaining the reasons for the gasoline price reduction, the Ministry of Finance and the Ministry of Industry and Trade stated that the global oil market during this price adjustment period (from October 11th to October 23rd) was affected by factors such as the risk of the Israel-Hamas conflict spreading to the region; a decrease in US crude oil and fuel inventories due to increased demand for diesel and heating oil; and Iran, an OPEC member, calling for an oil embargo against Israel because of the conflict in Gaza…
"The aforementioned factors cause gasoline and diesel prices to fluctuate, with both increases and decreases, but the general trend is a slight increase," the regulatory agency stated.
Fuel prices are forecast to continue rising until the end of the year (Photo: Manh Quan).
The average price of refined petroleum products in the world between the two price adjustment periods was 94 USD/barrel for RON 92 gasoline used to blend E5 RON 92 gasoline (an increase of 1.98 USD/barrel, equivalent to a 2.15% increase compared to the previous period); and 98.9 USD/barrel for RON 95 gasoline (an increase of 1.9 USD/barrel, equivalent to a 2% increase).
During this price adjustment period, the inter-ministerial committee neither allocated nor disbursed funds from the price stabilization fund for any gasoline products.
The Ministry of Finance and the Ministry of Industry and Trade believe that the proposed fuel price management plan aims to ensure that domestic fuel price fluctuations are fundamentally consistent with world fuel price fluctuations; and to continue maintaining a reasonable price difference between E5 RON 92 bio-gasoline and RON 95 mineral gasoline.
Furthermore, this approach ensures a balance of interests among market participants; minimizing negative impacts on socio-economic development, production and business activities, and people's lives.
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