On the afternoon of July 3, the Interministerial Ministry of Industry and Trade – Finance announced the adjustment of gasoline prices.

During this period of operation, the inter-ministerial Ministry of Finance decided to stop the establishment of the Petroleum Price Stabilization Fund (BOG) for all petroleum products (E5RON92 gasoline in the previous period was VND191/liter, RON95 gasoline in the previous period). set at 139 VND. VND/liter, diesel oil in the previous period is set at 100 VND/liter, kerosene oil in the previous period is set at 100 VND/liter, fuel oil in the previous period is set at 100 VND/kg ). At the same time, do not spend the BOG fund on all gasoline and oil products.

After the withdrawal ceased and no spending was made through the BOG Petroleum Fund, the selling prices of popular consumer petroleum products in the market are as follows:

E5RON92 petrol: no higher than 20,470 VND/liter (minus 408 VND/liter compared to current retail price), 958 VND/liter lower than RON95-III petrol.

RON95-III petrol: no more than VND 21,428/litre (VND 587/litre minus the current retail price).

Diesel oil 0.05S: no higher than VND 18,169/litre (reduced by VND 5/litre from the current retail price).

Kerosene: no higher than VND 17,926/liter (reduced by VND 30/liter compared to the current retail price).

Fuel oil 180CST 3.5S: no higher than 14,623 VND/kg (plus 36 VND/kg compared to current retail price).

Regarding the reason for the decline in gasoline prices, the Inter-Agriculture Department said that during this operating period (from June 21, 2023 to July 2, 2023), the world oil market will be influenced by the following factors: expansion of US crude oil inventories, growing concerns about further interest rate hikes by major central banks around the world, Saudi Arabia cuts voluntary production from 10 million bpd to 9 million bpd. Millions of barrels per day, the fear that the political situation in Russia will disrupt the oil supply … Due to the above factors, the price of gasoline fluctuates slightly up and down.

Accordingly, the average price of petroleum products worldwide between the price management period on June 21, 2023 and the operational period on July 3, 2023 is: $86,781/barrel of RON92 gasoline used to produce E5RON92 gasoline (down $1,310). USD/barrel, down 1.49% yoy); $91,596/barrel RON95 gasoline (down $1,720/barrel, down 1.84% compared to the previous period).

In contrast, oils saw a slight increase. Specifically, the price of kerosene was $90,697/barrel (up $0.406/barrel, up 0.45% from the previous period); Diesel oil was $92,163/barrel (up $0.447/barrel, up 0.49% yoy); 180CST 3.5S heating oil at $429,784/tonne 3.5S (an increase of $8,491/tonne, up 2.02% over the previous period).

In this period of operation, in view of the above-mentioned global oil price movement and the current regulations, the interdisciplinary Ministry of Industry and Trade – Finance has decided to stop the establishment of the BOG fund for all petroleum products and to continue not to spend on 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.