On the afternoon of November 1, 2022, the Inter-Ministry of Industry and Trade decided to increase the prices of petroleum products at the same time.

In this adjustment period, the inter-ministerial ministry sets up a Price Stabilization Fund (BOG) for E5RON92 gasoline at 200 VND/liter, RON95 gasoline at 300 VND/liter (previous period was 400 VND/liter), diesel at 0 VND/liter, kerosene at 0 VND/ liters and fuel oil at 500 VND/kg (last period was 708 VND/kg). At the same time, do not spend the BOG fund on petroleum products.

After deductions and expenses with BOG, the retail prices of popular petroleum products for consumers on the market are as follows:

E5RON92 gasoline is no higher than VND 21,873/liter (plus VND 377/liter compared to current retail price), lower than RON95-III gasoline VND 883/liter.

RON95-III petrol is not higher than VND 22,756/litre (increases by VND 412/litre compared to the current retail price).

0.05S diesel oil is no higher than VND 25,070/litre (an increase of VND 287/litre from the current retail price).

Kerosene costs no more than VND 23,783/liter (plus VND 120/liter compared to the current retail price).

180CST 3.5S fuel oil is no higher than VND 14,082/kg (an increase of VND 183/liter compared to the current retail price).

According to the Inter-Ministry of Industry and Trade, the world oil market saw ebb and flow during this period of operation, but generally rose for RON95 gasoline and heating oil and declined slightly for diesel and kerosene and RON92 gasoline.

The average price of petroleum products in the world between the two operating periods on October 21, 2022 and November 1, 2022 is: $98,615/barrel of RON95 gasoline (an increase of $0.785/barrel, an increase of 0.828% compared to petrol RON 95. previous period); $90,925/barrel of RON92 gasoline used to produce E5RON92 gasoline (down $0.374/barrel, down 0.409% from the previous period).

Similarly, 180CST 3.5S heating oil was at $395,928/tonne (up $6,875/barrel, up 1.767% over the previous period); Diesel oil cost $133,217/barrel (down $1,121/barrel, down 0.834% from the previous period); Kerosene was $123,043/barrel (down $1,908/barrel, down 1.527% from the previous period).

During this period of operation, in addition to the impact of fluctuations in world gasoline prices, the base price of domestic petroleum products continued to be affected by the continuous increase in the USD/VND exchange rate at Vietcombank (VND billion). The selling price used to calculate the base price for the period of operation on November 1, 2022 was 24,346-24,879 VND/USD, an increase of 518-520 VND/USD compared to the operating period on 21 October/USD 2022). The State Bank widened the exchange rate fluctuation band from 3% to 5% and continuously adjusted the central USD/VND exchange rate (from 23,688 VND/USD on October 21, 2022 to 23,697 VND/USD on November 1, 2022).

The Ministry of Industry and Trade expects that without the influence of the exchange rate, the price of E5RON92 gasoline, kerosene and diesel oil will decrease slightly, but due to the increase in the exchange rate, the basic price of E5RON92 gasoline, kerosene and diesel oil has increased. .

In order to harmonize the interests of participants in the petroleum market and encourage petroleum trading companies to ensure the supply of petroleum and petroleum to the market, the Inter-Ministry of Industry, Trade and Finance has decided to maintain the size of the deduction for the BOG fund for E5RON92 petrol, Kerosene and diesel products, reduce the provision for RON95 gasoline and fuel oil to help reduce the retail prices of these items, while not spending the BOG fund on these items.

The oil price management plan is designed to help ensure the achievement of inflation control and market stabilization goals, and to assist people and businesses to resume production and operations; 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 according to government policy.

According to the inter-ministerial ministry, the continuation of the BOG fund’s recovery is intended to control prices in the coming period, when the market still has many potential uncertainties and complicated and unpredictable movements; Minimizing negative impacts on socio-economic development, production and business activities and people’s lives.