Gasoline prices are close to 21,000 VND per liter

The price of RON 95-III gasoline (a popular type on the market) increased by 330 VND, to 20,850 VND per liter. E5 RON 92 at 19,840 VND per liter, an additional 500 VND.

Meanwhile, oil products also increased by 110-270 VND. Compared to 7 days ago, diesel added 270 VND, up to 18,770 VND. Kerosene increased by 220 VND, mazut increased by 110 VND per kg.

Gasoline and oil prices change as follows:

Unit: VND/liter or kg, depending on type

From the beginning of the year until now, gasoline prices have increased 23 times and decreased 24 times. Oil increased 21 times and decreased 26 times. 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.

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 fuel prices fluctuated last week due to the ceasefire agreement between Israel and Hezbollah in the Middle East, increased US petroleum reserves, and OPEC+ continued to discuss postponing plans to increase oil production. . These factors cause gasoline prices to increase or decrease depending on the product.

On average in 7 days, finished gasoline increased by 2.1-3.6%, oil by 0.9-1.4%. Accordingly, each barrel of RON 95 gasoline is 85.4 USD, diesel is 89.7 USD, mazut is 453.9 USD per ton.