Prices of RON 95-III gasoline and oil products decreased from 3:00 p.m. today, after adjustments by the Ministry of Industry, Trade and Finance.
The price of RON 95-III gasoline (a popular type on the market) decreased by 290 VND, to 20,560 VND per liter. E5 RON 92 is at 19,860 VND per liter, an increase of 20 VND.
Meanwhile, oil products (except fuel) decreased by 330-390 VND. Compared to 7 days ago, diesel decreased by 390 VND, down to 18,380 VND. Kerosene dropped 330 VND, mazut remained 16,120 VND per kg.
Gasoline and oil prices change as follows:
| Item | New price | Change |
| Gasoline RON 95-III | 20.560 | – 290 |
| E5 RON 92 gasoline | 19.860 | + 20 |
| Diesel | 18.380 | – 390 |
| Kerosene | 18.810 | – 330 |
| Fuel oil | 16.120 | 0 |
Unit: VND/liter or kg, depending on type
From the beginning of the year until now, gasoline prices have increased 23 times and decreased 25 times. Oil increased 21 times and decreased 27 times. Compared to the beginning of the year, the price of RON 95-III gasoline decreased by 1,350 VND per liter, and diesel was lower by 980 VND per liter.
The Inter-Ministry still does not set up a Petroleum Stabilization Fund, similar to previous operating periods. By the end of the second quarter, this fund had more than 6,000 billion VND, down about 600 billion compared to the end of 2023, according to the Ministry of Finance.
People buy gasoline at the gas station on the corner of Nguyen Chi Thanh Street, District 5, Ho Chi Minh City, October 2022. Image: Quynh Tran
In the draft decree on petroleum business currently seeking comments, the Ministry of Industry and Trade proposed that the State only announce world prices and input data of RON 95-III gasoline and diesel oil – two items with a high proportion of large, popular consumption – let businesses calculate and announce prices. This regulation is also intended to pilot and explore to gradually apply gasoline prices completely according to the market mechanism.
The operator also plans to eliminate the fuel price stabilization fund. Accordingly, in case of unusual price fluctuations, relevant ministries and branches will assess the impact to take appropriate price stabilization measures.
The operator said that fuel prices last week fluctuated due to a decrease in US crude oil reserves, it is expected that OPEC+ will soon decide to cut oil production, and the military conflict between Russia and Ukraine continues. These factors cause gasoline prices to increase or decrease depending on the product.
On average in 7 days, finished gasoline RON 95 decreased by 1.7%, oil decreased by 1.9-2.3%. Accordingly, each barrel of RON 95 gasoline is down to 83.9 USD and each barrel of diesel is 87.6 USD. Mazut alone increased slightly, priced at 454.6 USD per ton.