This afternoon, February 1st, the Ministry of Industry and Trade and the Ministry of Finance jointly announced the fuel price adjustment, effective from 3 PM.
From 3 PM on February 1st, gasoline prices increased by 742-753 VND/liter.
Accordingly, the prices of petroleum products have been adjusted upwards across the board. Specifically, compared to the current base price, the price of E5RON92 gasoline is no higher than 22,913 VND/liter (an increase of 742 VND/liter), which is 1,247 VND/liter lower than RON95-III gasoline. The price of RON95-III gasoline is no higher than 24,160 VND/liter (an increase of 753 VND/liter).
Diesel fuel 0.05S should not exceed 20,999 VND/liter (an increase of 623 VND/liter); kerosene should not exceed 20,923 VND/liter (an increase of 379 VND/liter); and mazut 180CST 3.5S should not exceed 16,087 VND/kg (an increase of 593 VND/kg).
According to the Ministry of Industry and Trade, the global oil market during this price adjustment period (January 25-31) was affected by factors such as tensions in the Middle East, increased crude oil reserves in the US, and the real estate crisis in China (the world's leading oil consumer), raising concerns about oil demand…
The aforementioned factors have caused world oil prices to fluctuate, rising and then falling, in recent days. The average price of refined petroleum products in the world between the price adjustment period of January 25th and February 1st was: 97.620 USD/barrel for RON92 gasoline used to blend E5RON92 gasoline (an increase of 4.668 USD/barrel, equivalent to a 5.02% increase compared to the previous period); and 102.594 USD/barrel for RON95 gasoline (an increase of 4.144 USD/barrel, equivalent to a 4.21% increase compared to the previous period).
Kerosene was priced at US$103,640/barrel (up US$2,432/barrel, or 2.40% year-on-year). Diesel was priced at US$105,518/barrel (up US$3,870/barrel, or 3.81% year-on-year); fuel oil was priced at US$454,528/ton for 180CST 3.5S (up US$22,506/ton, or 5.21% year-on-year).
In this price adjustment period, given the aforementioned developments in world oil prices and current regulations, the Ministry of Industry and Trade - Ministry of Finance decided to allocate funds to the Fuel Price Stabilization Fund (BOG) for fuel oil at 300 VND/kg; not allocate funds to the BOG for diesel and kerosene; and not use the BOG for any petroleum products.
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