At the management session on January 4, the Ministry of Finance and the Ministry of Industry and Trade decided to reduce the price of E5 RON 92 gasoline by 180 VND/liter to 21,006 VND/liter; and reduce the price of RON 95 gasoline by 232 VND/liter to 21,916 VND/liter.
This is the first price reduction in 2024, and the second consecutive reduction of gasoline products.
Explaining the reason for the reduction in gasoline prices, the Ministry of Finance and the Ministry of Industry and Trade said that the world gasoline market in this adjustment period (from December 27, 2023 to January 4, 2024) is affected by many factors.
Specifically, disruptions at Libya's top oil field have raised concerns that tensions in the Middle East could disrupt global oil supplies; attacks on ships in the Red Sea have not stopped; OPEC+ countries are expected to consider implementing oil production cuts...
Gasoline prices have gradually decreased since mid-September 2023 (Photo: Manh Quan).
The management agency assessed that the above factors caused world oil prices in recent days to fluctuate slightly, increasing and decreasing, but overall decreasing.
The average price of finished petroleum products in the world is 87.46 USD/barrel of RON 92 gasoline used to blend E5 RON 92 gasoline (down 0.8 USD/barrel, equivalent to a decrease of 0.9% compared to the previous period); 91.23 USD/barrel of RON 95 gasoline (down 1.1 USD/barrel, equivalent to a decrease of 1.2%).
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.
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