On the afternoon of December 1, 2022, the Ministry of Industry and Trade – Finance decided to simultaneously lower the price of petroleum products.

Accordingly, gasoline E5RON92: not higher than 21,679 VND/liter (minus 992 VND/liter compared to the current retail price); lower than petrol RON95-III 1,025 VND/litre.

RON95-III petrol: no more than VND 22,704/litre (VND 1,083/litre minus the current retail price).

0.05S diesel oil: not higher than VND 23,213/litre (VND 1,588/litre minus the current retail price).

Kerosene: no higher than VND 23,562/liter (minus VND 1,078/liter compared to the current retail price).

Fuel oil 180CST 3.5S: not higher than 13,953 VND/kg (minus 832 VND/kg compared to current retail price).

Regarding the reasons for the decline in the price of petroleum products, the Interdepartmental Ministry of Agriculture said that during the operating period from November 21, 2022 to December 1, 2022, the world oil market alternately increased and decreased, but generally decreased.

In particular, the average world market price of petroleum products in the middle of the operating period is USD 89,324/barrel of RON92 gasoline used in the production of E5RON92 gasoline (decrease of USD 6,217/barrel, which is a decrease of 6.51% compared to the previous period ); $93,965/barrel RON95 gasoline (down $7,235/barrel, down 7.15% from the previous period).

Kerosene was also at $115,686/barrel (down $8,788/barrel, down 7.06% from the previous period); Diesel oil is priced at $117,690/barrel (down $14,763/barrel, down 11.15% from the previous period); 180CST 3.5S heating oil was at $391,780/ton (down $37,006/barrel, which is 8.63% compared to the previous period).

In order to harmonize the interests of participants in the oil market and to encourage oil trading companies to ensure the supply of oil and petroleum to the market, the Interdepartmental Ministry of Industry and Trade – Finance decided in this period of operation to carry out the establishment of the Price Stabilization Fund (BOG) for E5RON92 -Gasoline at 300 VND/litre, RON95 petrol at 400 VND/litre, diesel oil at 700 VND/litre, kerosene at 300 VND/litre, fuel oil at 500 VND/kg; continue not to spend the BOG fund on petroleum products, so domestic gasoline prices tend to fluctuate in line with the fluctuating trend of world gasoline prices.

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.

At the same time, ensuring the harmony of interests between market participants, assisting petroleum and oil companies in servicing and supplying petroleum for 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.