Gasoline prices skyrocketed by nearly 1,300 VND/liter

On the afternoon of October 10, the Ministry of Finance and the Ministry of Industry and Trade jointly announced changes to retail gasoline prices. The effective time will start from 3:00 p.m. the same day.

Accordingly, the regulatory agency decided to increase the price of E5 RON 92 gasoline by VND990 per liter and RON 95 gasoline by VND1,260 per liter. After adjustment, the maximum retail price of E5 RON 92 gasoline is VND19,840 per liter and RON 95 gasoline is VND21,060 per liter.

Similarly, oil prices were also adjusted up in today's management period. Specifically, diesel prices increased by VND1,100/liter to VND18,500/liter; kerosene prices increased by VND1,140/liter to VND18,790/liter; fuel oil increased by VND15,910/kg. In the management period, the joint ministries still maintained no deductions or disbursements from the Price Stabilization Fund.

Thus, domestic gasoline prices have surged after just one day of decline, currently at their lowest level in over three years, equivalent to the price at the end of June 2021. From the beginning of the year until now, gasoline prices have increased 20 times and decreased 21 times; diesel prices have increased 18 times and decreased 21 times.

The fuel price stabilization fund of some key enterprises still recorded a large positive level because the fund was not used in many recent operating periods. The fund balance as of the end of the second quarter was VND6,061 billion, down VND18 billion compared to the previous quarter and the fifth consecutive quarter of decline. Compared to the end of 2023, the fund balance decreased by nearly VND600 billion.

Of that amount, the fund balance at Vietnam National Petroleum Group ( Petrolimex ) - the company holding half of the domestic retail gasoline market share - accounts for more than half, at nearly 3,079 billion VND.

Some key enterprises and petroleum distributors also recorded high balances in the Price Stabilization Fund, such as Ho Chi Minh City Petroleum Company Limited (Saigon Petro) at 328 billion VND, Military Petroleum Corporation Limited Company (Mipec) at nearly 300 billion VND, Dong Thap Petroleum Trading Joint Stock Company at 460 billion VND, Thanh Le Import-Export Trading Corporation's Fund balance at more than 390 billion VND, Hoa Khanh General Trading and Services Company Limited at nearly 165 billion VND...

Source: https://dantri.com.vn/kinh-doanh/gia-xang-tang-vot-gan-1300-donglit-20241010115745150.htm