On the afternoon of July 21, the Ministry of Industry and Trade – Finance announced the adjustment of gasoline prices.

During this period of operation, the Interministerial decided not to set up the Price Stabilization Fund (BOG) for all petroleum products. At the same time, do not spend the BOG fund on all gasoline and oil products.

Excluding reserves and 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 21,639/liter (increase of VND 1,220/liter compared to current retail price), lower than RON95-III petrol VND 1,153/liter.

RON95-III petrol: no more than VND 22,792/litre (increases by VND 1,295/litre compared to current retail price).

Diesel oil 0.05S: not higher than VND 19,500/litre (increases by VND 884/litre compared to the current retail price).

Kerosene: no higher than VND 19,189/litre (plus VND 869/litre compared to the current retail price).

Fuel oil 180CST 3.5S: no higher than VND 15,725/kg (increases by VND 437/kg compared to the current retail price).

Regarding the cause of the rise in gasoline prices, the interdepartmental ministry said that during this operating period (July 11, 2023 to July 21, 2023), the world oil market will be impacted by factors such as a decline in US crude oil reserves, a sharp rise in China’s crude oil imports and a rise in China’s reserves to near an all-time high, accompanied by an expected 55% increase in Chinese demand in the second half of this year, the Fed said expects the interest rate to rise 5 to 5 percent in the second half of the year after the pandemic. Next week… the above factors will cause 11/07 gas prices to until 21.07. have a falling date but generally increase volatility.

Specifically, the average price of petroleum products worldwide between the price management period on July 11, 2023 and the operating period on July 21, 2023 is: $93,120/barrel of RON92 gasoline used to produce E5RON92 gasoline (up $7,390). /barrel, an increase of 8.62% over the previous period); $98,920/barrel RON95 gasoline (an increase of $7,235/barrel, a 7.89% increase over the previous period).

Likewise, kerosene cost $97,611/barrel (up from $5,483/barrel, a 5.95% increase over the previous period); diesel at $99,540/barrel (up $5,550/barrel, up 5.90% over the previous period); 180CST 3.5S heating oil was at $471,240/tonne (up from $17,068/tonne, up 3.76% over the previous period).

In this period of operation, before the world price of gasoline and oil and the regulations in force, the interdisciplinary Ministry of Industry and Trade – Finance decided not to set up the BOG fund for all petroleum products and not to issue the BOG fund for all petroleum products.

The above gasoline and oil price management plan is designed to help ensure that domestic gasoline price fluctuations are broadly in line with global gasoline price fluctuations. 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 in line with government policies; Ensuring the harmonization of interests among market participants, assisting oil trading companies in the maintenance and supply of oil and petroleum to the domestic market; Minimize negative impacts on socio-economic development, production and business activities, and people’s lives.