The price of RON 95-III gasoline (the most popular type on the market) increased by VND1,260 to VND21,060/liter. E5 RON 92 is at VND19,840/liter, an increase of VND990.
Prices of petroleum products also increased simultaneously. Diesel oil price increased by 1,099 VND, now 18,500 VND/liter; kerosene has a new price of 18,790 VND (up 1,139 VND/liter); fuel oil has a new price of 15,911 VND/kg (up 908 VND/kg).
The reason why gasoline prices increased in this adjustment period, according to the explanation of the Ministry of Industry and Trade - Ministry of Finance, is that the world gasoline market in this adjustment period is affected by factors such as concerns about widespread conflict in the Middle East, a major storm hitting the US causing a sudden increase in fuel demand, and the ongoing military conflict between Russia and Ukraine.
The above factors have caused world oil prices to increase and decrease in recent days depending on the product, but the main trend is upward.
In addition, on average, finished gasoline increased by about 7 - 7.9% per 7-day period, and oil increased by 5.2 - 7.4%. RON 92 gasoline for blending E5 RON 92 gasoline is 81.934 USD/barrel (up 5.344 USD/barrel); RON 95 gasoline is 88.272 USD/barrel, up 6.462 USD/barrel.
Diesel oil is priced at 89.974 USD/barrel, up 6.156 USD/barrel; kerosene is priced at 89.678 USD/barrel, up 6.174 USD/barrel.
The Ministry of Industry and Trade - Finance said that the above management plan aims to ensure that domestic gasoline price fluctuations are consistent with world gasoline price fluctuations.
At the same time, continue to maintain the price difference between E5 RON 92 biofuel and RON 95 mineral gasoline at a reasonable level to encourage the use of biofuels according to the Government's policy; ensure the harmony of interests among market participants.
Since the beginning of the year, gasoline prices have increased 20 times and decreased 20 times. Oil prices have increased 17 times and decreased 23 times. In this adjustment period, the Joint Ministry still did not use the Petroleum Price Stabilization Fund, similar to previous management periods. As of the end of the second quarter, this fund had more than 6,000 billion VND, a decrease of about 600 billion compared to the end of 2023, according to the Ministry of Finance.
