How has gasoline price 'danced' since the beginning of 2020?

After more than 3 years (2020 - 2023), domestic gasoline prices at times fell below the low of 11,000 VND/liter but also skyrocketed to a peak of nearly 33,000 VND/liter.

On May 11, in the new management period, the price of E5 RON92 gasoline was reduced by VND1,300/liter by the Ministry of Finance - Industry and Trade, to VND20,131; the price of RON 95 gasoline was reduced by VND1,320/liter, to VND21,000.

Thus, gasoline prices have reached their lowest level in the past 20 months, since September 10, 2021, when E5 RON92 gasoline cost VND 20,143/liter and RON 95 gasoline cost VND 21,397/liter.

However, compared to the price on June 21, 2022 - the time when gasoline prices were at their highest in history - each liter of E5 gasoline is 11,171 VND cheaper and each liter of RON95 gasoline is 11,873 VND cheaper.

Chart of oil price changes from 2020 to present.

The price of gasoline has been constantly changing, with fluctuations in the past 3 years, especially at times when it set consecutive historical records. However, the price of this fuel has now cooled down and has been on a downward trend for the last 3 operating periods.

Early 2020, gasoline prices stabilized at around 20,000 VND/liter. This was also the time when the COVID-19 pandemic began to break out in Vietnam. On January 23, 2020, the first case of COVID-19 was confirmed in Ho Chi Minh City, social activities, economy immediately affected by the pandemic. The lockdown order issued across the country caused a sharp decrease in travel demand, and gasoline prices also dropped sharply.

Arrive April 28, 2020 , gasoline prices hit a 3-year low with E5 gasoline priced at VND10,942/liter, RON95 gasoline priced at VND11,631/liter. Oil prices are also low, such as diesel 0.05S priced at VND9,941/liter, kerosene priced at VND7,965/liter, and fuel oil 180CST 3.5S priced at VND8,670/kg.

Along with strict implementation of social distancing to ensure COVID-19 prevention, gasoline prices continued to remain low for about 2 months before increasing sharply again. June 27, 2020 , E5 gasoline price increased to 14,258 VND/liter, 3,300 VND/liter more expensive than the time when gasoline price was at its lowest. RON95 gasoline also increased to 14,973 VND/liter, an increase of more than 3,300 VND per liter.

In In 2021 , gasoline prices did not fluctuate much, equivalent to the price at the beginning of 2020, in the context of the world and domestic economies gradually adapting to the epidemic.

Gasoline prices have been continuously dropping recently. (Illustration photo)

Luxurious In 2022 , gasoline prices fluctuated the most violently, arguably unprecedented in history. After geopolitical tensions between Russia and Ukraine broke out in late February 2022, global energy issues were affected, inflation occurred everywhere, causing world oil prices to increase sharply, leading to domestic gasoline prices also increasing. On March 1, 2022 , E5 gasoline price skyrocketed to 26,077 VND/liter, RON95 to 26,834 VND/liter.

After many consecutive increasing sessions, the peak of the day June 21, 2022 , gasoline prices have increased to a record high in history with the retail price of E5 gasoline at 31,302 VND/liter, RON95 gasoline at 32,873 VND/liter. Oils are also equally expensive: Diesel oil costs 30,019 VND/liter, kerosene 28,785 VND/liter, and 180CST 3.5S fuel oil 20,735 VND/kg.

The high price of gasoline has affected all aspects of the economy, the prices of many essential goods and production materials have increased, negatively affecting the production and business activities of people and enterprises.

Therefore, the Government and the Ministry of Finance - Industry and Trade have proposed many solutions and made efforts to reduce domestic retail gasoline prices to support the economy to overcome this difficult period.

Thanks to that, the price of gasoline has gradually cooled down. For example, the price of E5 gasoline has dropped to 25,073 VND/liter. July 21, 2022 ; down to VND 23,725/liter on August 22, 2022 ; down to VND 20,730/liter 10/3/2022 .

By the end of 2022, domestic gasoline prices had dropped to almost the same level as at the beginning of 2020. Specifically, on December 21, 2022, E5 gasoline was priced at VND 19,970/liter, RON95 at VND 20,700/liter. Diesel oil was priced at VND 21,601/liter, kerosene at VND 21,836/liter, and fuel oil at VND 12,863/kg.

Step to In 2023 , since the beginning of the year, gasoline prices have undergone 14 price adjustments. Of which, 7 times were increases, 6 times decreased, and 1 time remained unchanged. Currently, gasoline prices have just experienced their third consecutive decrease.

In the most recent adjustment period on May 11, gasoline prices dropped sharply by about VND 1,300/liter, bringing the price of E5 gasoline to VND 20,130/liter, and RON 95 III gasoline to VND 21,000/liter, approximately the same price as at the beginning of 2020.

Along with that, the price of diesel 0.05S decreased by 601 VND/liter, to 17,653 VND; kerosene decreased by 556 VND/liter to 17,972 VND and fuel oil decreased by 647 VND/kg, to 14,862 VND.

Source