Gasoline prices increase again, what is the reason?

In the operating session on October 23, the price of E5 RON 92 gasoline increased by VND460/liter, up to VND22,370/liter; RON 95 gasoline increased by VND470/liter, up to VND23,510/liter. This is a rebound after two consecutive sharp decreases, including one decrease of up to VND1,800/liter of gasoline price.

Explaining the reasons for the decrease in gasoline prices, the Ministry of Finance and the Ministry of Industry and Trade said that the world gasoline market during this adjustment period (from October 11 to October 23) was affected by factors such as the risk that the Israel-Hamas conflict could spread to the region; US crude oil and fuel inventories decreased due to increased demand for diesel and heating oil; Iran, an OPEC member, called for an oil embargo on Israel because of the conflict in Gaza...

"The above factors cause gasoline prices to fluctuate up and down, but the general trend is a slight increase," said the management agency.

Giá xăng lại tăng, lý do đến từ đâu? - 1 — Fuel prices are forecast to increase from now until the end of the year (Photo: Manh Quan).

The average price of finished petroleum products in the world between the two price management periods was 94 USD/barrel of RON 92 gasoline used to blend E5 RON 92 gasoline (an increase of 1.98 USD/barrel, equivalent to an increase of 2.15% compared to the previous period); 98.9 USD/barrel of RON 95 gasoline (an increase of 1.9 USD/barrel, equivalent to an increase of 2%).

In this management period, the joint ministry did not set aside or spend the price stabilization fund for all gasoline products.

The Ministry of Finance and the Ministry of Industry and Trade believe that the above gasoline price management plan aims to ensure that domestic gasoline price fluctuations are basically consistent with world gasoline price fluctuations; continue to maintain a reasonable price difference between E5 RON 92 bio-fuel and RON 95 mineral gasoline.

In addition, the above plan ensures harmony of interests among market participants; minimizes negative impacts on socio-economic development, production and business activities and people's lives.

Source