On the afternoon of March 13, 2023, the Ministry of Industry and Trade – Finance decided to increase the price of petroleum products.

In this period of operation, the inter-ministerial decision decided to establish the Price Stabilization Fund (BOG) for gasoline E5RON92 at 300 VND/liter (previous period 250 VND/liter), RON95 gasoline at 300 VND/liter (previous period 200 VND/liter). Liter); diesel oil at 300 VND/litre (last period 500 VND/litre); kerosene at VND 300/liter (as in the previous period); Heating oil is at 0 dong/kg (as in the previous period).

At the same time, do not spend the BOG fund on all petroleum products (as in the previous period).

After deductions and excluding expenses from the BOG petroleum fund, the selling prices of popular consumer petroleum products in the market are as follows:

E5RON92 petrol: no higher than VND 22,806/litre (increase of VND 385/litre compared to the current retail price), lower than RON95-III petrol VND 1,012/litre.

RON95-III petrol: no more than VND 23,818/litre (increases by VND 493/litre compared to the current retail price).

Diesel Oil 0.05S: no higher than VND 20,502/litre (an increase of VND 247/litre compared to the current retail price).

Kerosene: not higher than VND 20,715/liter (increased by VND 241/liter compared to the current retail price)

Fuel oil 180CST 3.5S: no higher than VND 15,279/kg (plus VND 724/kg compared to current retail price).

Regarding the cause of the rise in gasoline prices, the interministerial ministry said that in this operating period (from March 1, 2023 to March 13, 2023), the world oil market will be affected by factors such as data on China’s gasoline and oil prices, and economic growth gives hope rising oil demand; Russian oil production cut by 500,000 bpd in March; the risk that the US Federal Reserve (Fed) is likely to push interest rates higher than expected to control inflation…; These factors affect the rise and fall of gasoline prices, but are generally increasing.

The average price of petroleum products in the world between the March 1, 2023 operational period and the March 13, 2023 operational period is: $96,361/barrel of RON92 gasoline used to produce E5RON92 gasoline (an increase of $2,180/ barrel), equivalent to an increase of 2.31% over the previous period); USD 100,253/barrel RON95 gasoline (increase of USD 2,324/barrel, an increase of 2.37% compared to the previous period).

Similarly, kerosene was $104.331/barrel (up $1,821/barrel, up 1.78% over the previous period); Diesel oil was $103,145/barrel (up $3,195/barrel, up 3.20% over the previous period); 180CST 3.5S heating oil at $453,495/tonne (up $29,003/tonne, up 6.83% over the prior period).

In this period of operation, in view of the above-mentioned global petroleum price movement, the Ministry of Industry and Trade – Finance has decided to set up the BOG fund for 02 gasoline products according to the regulations and reduce the deduction for setting up the BOG fund for other gasoline products, diesel products; Keep BOG funds at the same level for kerosene and heating oil and continue not to spend BOG funds on all petroleum products.

The above gasoline and oil price management plan aims to ensure that the retail price fluctuations of petroleum products in the country are consistent with the fluctuations in world gasoline prices; continue to keep the price difference between E5RON92 biofuel and RON95 mineral gasoline at a reasonable level to promote the use of biofuel to protect the environment in line with government policy.

At the same time, creating space for the BOG fund to manage gasoline prices in the coming period in the context of unstable world gasoline prices; 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.