On the afternoon of February 13, 2023, the Ministry of Industry and Trade – Finance announced the adjustment of the prices of petroleum products.

In this period of operation, the inter-ministerial body decided to set up the Price Stabilization Fund (BOG) for diesel oil at VND 600/liter (VND 200/liter in the previous period); kerosene at VND 200/liter (as in the previous period); Mazut oil at 200 VND/kg (same as previous period).

At the same time, do not spend the BOG fund on all petroleum products (in the last period, the BOG fund was issued for E5RON92 gasoline at 850 VND/liter; RON95 gasoline at 950 VND/liter).

After the establishment and issuance of the BOG petroleum fund, the selling prices of popular consumer petroleum products in the market are as follows:

E5RON92 gasoline: no higher than VND 22,869/litre (an increase of VND 540/litre compared to the current retail price), VND 898/litre lower than RON95-III gasoline;

RON95-III petrol: no more than VND 23,767/litre (an increase of VND 620/litre from the current retail price);

0.05S diesel oil: not higher than VND 21,562/liter (minus VND 962/liter compared to the current retail price);

Kerosene: no higher than VND 21,594/liter (minus VND 982/liter compared to the current retail price);

Fuel oil 180CST 3.5S: not higher than 13,636 VND/kg (minus 298 VND/kg compared to current retail price).

According to the interdepartmental world oil market, this operating period (from January 30, 2023 to February 13, 2023) will be affected by factors such as the United States Federal Reserve (Fed), and the central bank continues to raise interest rates; the European Union’s ban on refined oil products from Russia and OPEC+’s decision to maintain production restrictions; mixed signals for fuel demand recovery in China; …these factors are influencing gasoline prices to fluctuate, but generally decline.

Specifically, the average price of petroleum products worldwide between the operational period on January 30, 2023 and the operational period on February 13, 2023 is: $97,011/barrel of RON92 gasoline used to produce E5RON92 gasoline (minus $1,848). /barrel, down 1.87% compared to the previous period); $100,237/barrel RON95 gasoline (down $2,032/barrel, down 1.99% from the previous period).

Kerosene was also at $111,314/barrel (down $6,396/barrel, down 5.43% from the previous period); Diesel oil cost $108,038/barrel (down $8,956/barrel, down 7.65% from the previous period); 180CST 3.5S heating oil at $385,289/tonne (down $12,514/tonne, down 3.14% on the previous period).

In this period of operation, the world gasoline price tends to decrease, with the price of 02 gasoline products having fallen slightly, and the BOG fund is currently being issued at a high level (E5RON92 is VND 850/liter; RON95 gasoline is VND 950/liter). .

In accordance with the provisions of Clause 2, Article 5, Circular 103/2021/TT-BTC of November 18, 2021 of the Ministry of Finance, which guides the method of establishing, using, using and managing the BOG Fund and makes room for Fund: BOG is in the context of world oil prices still volatile, ensuring harmony between people and oil companies, stabilizing oil supplies for the domestic market, decision of the Ministry of Industry and Trade – Finance: continue not to set up the BOG fund for 02 gasoline products to the same level hold to set up the BOG fund for kerosene and fuel oil to increase the BOG for diesel oil; does not spend the BOG fund on all petroleum products.

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 retail prices of oil products are consistent with fluctuations in world oil 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.