On the afternoon of November 21, the Ministry of Industry and Trade – Finance decided to lower the price of petroleum products. This is the first drop after 4 previous increases in a row.

Accordingly, gasoline E5RON92: not higher than 22,671 VND/liter (minus 40 VND/liter compared to the current retail price); lower than petrol RON95-III 1,116 VND/litre.

RON95-III petrol: no more than VND 23,787/litre (VND 80/litre minus the current retail price).

Diesel oil 0.05S: not higher than VND 24,801/litre (VND 182/litre minus 182/litre compared to the current retail price).

Kerosene: no more than VND 24,640/litre (reduced by VND 107/litre from the current retail price).

Fuel oil 180CST 3.5S: no higher than 14,785 VND/kg (plus 25 VND/kg compared to current retail price).

Regarding the reason for the drop in gasoline prices, the interministerial ministry said that this time (from 11/11/2022 to 11/21/2022) the world oil market will be affected by factors such as fear of the epidemic Covid-19 disease broke out in China and the market continued to monitor the Federal Reserve’s (Fed) policy moves…

The above factors have caused the price of gasoline to fluctuate, but in general it fell for RON95 gasoline, RON92 gasoline, kerosene and diesel, with a slight increase for fuel oil.

Specifically, the average price of finished petroleum products in the world between the November 21, 2022 operational period and the November 11, 2022 operational period is: $94,992/barrel of RON92 gasoline used to produce E5RON92 gasoline (down $0.550 /barrel, down 0.58% compared to the previous period); $100,787/barrel RON95 gasoline (down $0.413/barrel, down 0.41% from the previous period).

Similarly, kerosene cost $123,913/barrel (down $0.560/barrel, down 0.45% from the previous period); Diesel oil cost $129.525/barrel (down $2,927/barrel, down 2.21% from the previous period); 180CST 3.5S Heating Oil $429,925/ton 180CST 3.5S Heating Oil (up $1,139/ton, up 0.27% over the previous period).

In this operating period, the inter-ministerial department established a Price Stabilization Fund (BOG) for E5RON92 gasoline at VND 250/liter (previous period, VND 200/liter), RON95 gasoline at VND 200/liter (same as the previous period) in the previous period ), diesel oil at 300 dong/liter (no provision was made in the previous period), kerosene at 0 dong/liter (as in the previous period), heating oil at 300 dong/kg (as in the previous period). in the previous period). At the same time, do not spend the BOG fund on petroleum products.

The inter-ministerial ministry explained the continuation of the establishment of the BOG Fund, saying in order to harmonize the interests of participants in the oil market, to encourage oil companies to ensure the supply of petroleum and oil to the market, the ministry decided to establish the stabilization fund and the stabilization fund not to spend on petroleum products so that domestic gasoline prices tend to fluctuate in line with fluctuations in world gasoline prices.

The above gasoline and oil price management plan is designed to help ensure the achievement of inflation control and market stabilization goals, and to help people and businesses restore production and business activity; 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.

At the same time, ensure the balance of interests between market participants, help petroleum and oil trading companies in the maintenance and delivery of gasoline and oil to the domestic market; continue to restore the BOG Fund to steer prices in the period ahead 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.