Petroleum Prices Experience Slight Increase

As of 3:00 p.m. on September 19, the prices of two petroleum products, gasoline and fuel oil, have slightly increased following a sharp decrease in the previous adjustment period.

The price of E5 RON92 gasoline has increased by 51 VND/liter, while RON95-III gasoline has increased by 127 VND/liter. Additionally, fuel oil has increased by 359 VND/kg. In contrast, diesel oil has decreased by 122 VND/liter, and kerosene has decreased by 239 VND/liter.

The new prices for these petroleum products are as follows: E5 RON92 gasoline is now 18,941 VND/liter, RON95-III gasoline is 19,762 VND/liter, and fuel oil is 14,826 VND/kg. Meanwhile, diesel oil has decreased to 17,043 VND/liter, and kerosene is now 17,551 VND/liter.

During this management period, the Ministry of Finance and the Ministry of Industry and Trade have continued not to set aside or use the Price Stabilization Fund for petroleum products.

The world oil market has been influenced by various factors, including the US Federal Reserve’s decision to cut interest rates, storms in the US Gulf of Mexico, China’s weak oil demand, and the ongoing military conflict between Russia and Ukraine. These factors have caused world oil prices to fluctuate in recent days.

The average price of finished petroleum products in the world between the price management period of September 12, 2024, and the management period of September 19, 2024, is as follows: 77.018 USD/barrel of RON92 gasoline (up 0.508 USD/barrel), 81.504 USD/barrel of RON95 gasoline (up 0.910 USD/barrel), 82.988 USD/barrel of kerosene (down 1.208 USD/barrel), 81.734 USD/barrel of 0.05S diesel (down 0.516 USD/barrel), and 426,888 USD/ton of 180CST 3.5S fuel oil (up 14,204 USD/ton).

In light of these developments in world oil prices, the VND/USD exchange rate, and current regulations, the Ministry of Industry and Trade – Ministry of Finance has decided on a plan to manage oil prices. This plan aims to ensure that domestic oil price fluctuations are consistent with world oil price fluctuations, maintain a reasonable price difference between E5RON92 biofuel and RON95 mineral gasoline, and ensure the harmony of interests among market participants.