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According to the regulations, the next gasoline and oil management period is January 21, 2023, but since it coincides with the 30th day of the Lunar New Year of the Rabbit, the domestic price of gasoline will be postponed to the next operational period, i.e. February 1, 2023.
With rising world gasoline prices affecting domestic petroleum supply and socio-economic development and people’s lives, the Interministerial Ministry of Industry, Trade and Finance reported to the Prime Minister that the government was allowed to regulate gasoline prices on the evening of January 30, 2023.
In this period of operation, the inter-ministerial committee decided to establish the Petroleum Price Stabilization Fund (BOG) for diesel oil at VND 200/liter (previous period was VND 605/liter) and for kerosene at VND 200/liter (previous period was VND 650/liter); Mazut oil at 200 VND/kg (previous period 300 VND/litre).
At the same time, expenses of the BOG fund for gasoline E5RON92 at 850 VND/liter (in the last period, 121 VND/liter was spent); RON95 petrol at 950 VND/litre (last period consumed 103 VND/litre).
to the operating period on January 30, 2023. Source: Ministry of Industry and Trade.
After the establishment and issuance of the BOG petroleum fund, the selling prices of popular consumer petroleum products in the market are as follows:
Gasoline E5RON92: no higher than 22,329 VND/litre (plus 977 VND/litre compared to current retail price), 818 VND/litre lower than RON95-III gasoline.
RON95-III petrol: no more than VND 23,147/litre (increases by VND 993/litre compared to the current retail price).
Diesel oil 0.05S: not higher than VND 22,524/litre (increases by VND 890/litre compared to the current retail price).
Kerosene: not higher than VND 22,576/litre (increases by VND 767/litre compared to the current retail price).
Fuel oil 180CST 3.5S: no higher than 13,934 VND/kg (plus 568 VND/kg compared to current retail price).
Explaining the reason for the rise in domestic gasoline prices, the interministerial ministry said that from January 11, 2023 to January 30, 2023, the world oil market was affected by factors such as: China’s reopening of the economy after a long period of strict application of control measures to prevent the COVID -19 Pandemic; the impact of Western-imposed price caps on Russian oil; The weaker USD coupled with the fact that OPEC+ is expected to maintain its production cut policy in the context of continued improvement in consumer demand; … these factors cause gasoline prices to fluctuate up and down, but overall they are increasing.
Specifically, the average world market price for petroleum products between January 11, 2023 and January 30, 2023 is: $98,859/barrel of RON92 gasoline used to produce E5RON92 gasoline (an increase of $10,239/barrel) barrel, which is a increase of 11.55% compared to the previous period); $102,269/barrel RON95 gasoline (up $10,247/barrel, an increase of 11.14% over the previous period).
Similarly, kerosene was $117,710/barrel (up $7,993/barrel, up 7.29% over the previous period); Diesel was $116,994/barrel (up $8,414/barrel, up 7.75% over the previous period); 180CST 3.5S heating oil was $397,803/tonne (up $26,648/tonne, up 7.18% over the previous period).
from 11/01/2023 – 01/30/2023. Source: Ministry of Industry and Trade.
According to the interdepartmental ministry, in this period of operation, petroleum products will increase in order to harmonize the interests of people and oil companies, stabilize the supply of gasoline and oil for the domestic market, and support people and businesses.Oil industry after the 2023 Lunar New Year, in accordance with the provisions of Decree No. 83/2014/ND-CP, Decree No. 95/2021/ND-CP, the Interministerial Ministry of Industry and Trade – Finance has decided to increase the level of expenditure of the BOG Fund Gasoline E5RON92 to 850 VND/litre, petrol RON95 to 950 VND/litre; Reducing the establishment of the BOG fund for all oil products to 200 dong/litre/kg to make the price of domestic oil products consistent with the world oil price development.
The above gasoline and oil price management plan is designed to help achieve the goals of inflation control and market stabilization; ensure that fluctuations in domestic gasoline and oil prices are substantially consistent with fluctuations in world gasoline prices; continue to keep the price difference between E5RON92 biofuel and RON95 mineral gasoline at a reasonable level in order to promote the use of biofuel to protect the environment in line with government policies; Ensuring the harmonization of interests between market participants, providing assistance in assisting petroleum and petroleum companies in servicing and supplying petroleum and petroleum in the domestic market; Minimizing negative impacts on socio-economic development, production and business activities and people’s lives.
In the last few days, the situation has repeatedly arisen that some gas stations reduced their sales time or even closed their doors. The reason is that the extension of the price operating cycle to the next period on February 1, 2023 (after the Lunar New Year holiday) is postponed to January 21, 2023 as required, while the world oil price continues to rise worldwide, making oil companies “the more they sell, the more you lose”.
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