Gasoline prices today May 28: Gasoline and oil prices both decreased

The Joint Ministry of Industry, Trade and Finance said that the world petroleum market in recent days is still affected by information about negotiations between the US and Iran, and US inflation has increased due to strong fluctuations in energy prices.

These factors cause world gasoline prices to tend to decrease compared to the previous 7 days. Specifically, each barrel of RON95 decreased by 9.2% to 127 USD, and diesel decreased by 5.5% to 146.7 USD. Mazut also dropped sharply by 9.2%, to 655.2 USD per ton.

In this afternoon’s executive session, the inter-ministries continued to adjust domestic gasoline prices. With RON 95-III gasoline (popular type on the market) reduced by 1,390 VND to 24,150 VND per liter. Similarly, E5 RON 92 has a new price of 23,250 VND.

Oil products also decreased compared to the previous operating period. Specifically, each liter of diesel is 1,110 VND lower, and mazut is 1,040 VND lower compared to 7 days ago.

At this period, the operator makes provisions back into the Petroleum Stabilization Fund. Specifically, the deduction rate for biofuel is 500 VND, diesel is 300 VND, RON 95-III gasoline and fuel oil is 700 VND per liter, kg.

Gasoline and oil prices change as follows:

Domestic gasoline prices have gone through 23 operating periods from the end of February until now. Of which, RON 95-III increased 12 times, decreased 9 times and remained unchanged for 2 periods. Similarly, diesel oil had 10 increases, 11 decreases and 2 periods of price stability.

From June 1, E10 RON 95-III gasoline will be widely sold, replacing RON 95-III mineral gasoline on the market. E5 RON 92 gasoline will continue to be sold until the end of 2030.

According to Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan, the parallel sale of mineral gasoline and biofuels in recent times aims to help the market gradually adapt and support businesses in perfecting their distribution infrastructure.

However, citing international experience, he said maintaining too many types of fuel for a long time will cause disadvantages such as increasing logistics, warehousing and distribution costs. This also causes difficulties for retail businesses, reducing the efficiency of green energy conversion.

According to leaders of the Ministry of Industry and Trade, the roadmap for converting to using E10 gasoline is carefully evaluated by the management agency and is not sudden. He affirmed that this transition roadmap does not impose or limit people’s right to choose. In addition, according to the results of evaluating vehicle compatibility with E10 gasoline, most cars and motorbikes circulating in Vietnam can use this type of gasoline as recommended by the manufacturer.