Revealing the reason why gasoline price almost reached 24,000 VND/liter and then suddenly turned down

In the operating session on November 13, the price of E5 RON 92 gasoline decreased by 340 VND/liter, down to 22,270 VND/liter; RON 95 gasoline decreased by 390 VND/liter, down to 23,530 VND/liter. The price of fuel products had a session of decreasing right after nearly reaching the threshold of 24,000 VND/liter.

Explaining the reason for the decrease 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 November 1 to November 13) was affected by factors such as tight supply after Russia and Saudi Arabia reaffirmed their commitment to voluntarily cut oil supply, fluctuations in the USD and conflicts in the Middle East...

"The above factors cause world oil prices to fluctuate up and down," the management agency said.

(Source: Ministry of Industry and Trade ).

Specifically, the average price of finished petroleum products in the world during the mid-price adjustment period was 93.8 USD/barrel of RON 92 gasoline used to blend E5 RON 92 gasoline (down 1.5 USD/barrel, equivalent to a decrease of 1.5% compared to the previous period); 99.2 USD/barrel of RON 95 gasoline (down 1.6 USD/barrel, equivalent to a decrease of 1.6%).

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: https://dantri.com.vn/kinh-doanh/tiet-lo-ly-do-gia-xang-suyt-cham-24000-donglit-lien-quay-dau-giam-20231113190630946.htm