On the afternoon of June 21, the Inter-Ministry of Industry and Trade – Finance announced the adjustment of the prices of petroleum products.

In this period of operation, the inter-ministerial Ministry of Finance decided to establish the Price Stabilization Fund (BOG) for gasoline E5RON92 at 191 VND/liter (previous period 228 VND/liter) and RON95 gasoline at 139 VND/liter (previous period 180 VND/liter); Diesel oil at 100 VND/litre (previous period 200 VND/litre); kerosene at 100 VND/liter (previous period 200 VND/liter); Heating oil at 100 VND/kg (previous period 200 VND/kg). At the same time, do not spend the BOG fund on all gasoline and oil products.

After allocating funds and not spending through the BOG Gasoline and Oil Fund, the selling prices of popular consumer petroleum products in the market are as follows:

E5RON92 gasoline: not higher than 20,878 VND/liter (same as current retail price), 1,137 VND/liter lower than RON95-III gasoline.

RON95-III petrol: no more than VND 22,015/litre (current retail price).

Diesel oil 0.05S: not higher than VND 18,174/litre (increase of VND 146/litre compared to current retail levels).

Kerosene: no higher than VND 17,956/litre (plus VND 133/litre compared to the current retail price).

Fuel oil 180CST 3.5S: no higher than VND 14,587/kg (reduced by VND 132/kg compared to the current retail price).

Speaking about the reasons for adjusting the prices of petroleum products, the Interministerial Ministry stated that during this period of operation (from June 12, 2023 to June 21, 2023) the world oil market will be influenced by the following factors: cuts in supplies by the Organization of Petroleum Exporting Countries and Partners (OPEC+) ; Iran’s exports and oil production soar despite US sanctions; The US Federal Reserve (Fed) decided to leave interest rates unchanged during the adjustment period in June 2023 after ten consecutive hikes; Concerns about a slowdown in energy demand due to weak global economic growth… These factors cause gasoline prices to fluctuate but generally rise.

Specifically, the average price of petroleum products worldwide between the price management period of June 12, 2023 and the operational period of June 21, 2023 is: $88,091 per barrel of RON92 gasoline used to produce E5RON92 gasoline (increased by $0.188/barrel, corresponds to an increase of 0.21% compared to the previous period); $93,316/barrel RON95 gasoline (an increase of $0.182/barrel, a 0.20% increase over the prior period).

Likewise, the price of kerosene was USD 90,291/barrel (up USD 1,431/barrel, an increase of 1.61% over the previous period); Diesel oil was at $91,716/barrel (up from $1,497/barrel, up 1.66% over the previous period). In particular, 180CST 3.5S fuel oil fell by $1,189/ton, down 0.28% from the previous period and currently stands at $421,293/ton.

In this period of operation, in view of the above world market prices for gasoline and the applicable regulations, the Ministry of Industry and Trade – Finance has decided to further reduce the deduction for the BOG fund for all petroleum products and to continue to not spend BOG funds for all petroleum products .

The above gasoline and oil price control plan aims to help ensure that domestic gasoline price fluctuations are broadly in line with world 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 to protect the environment in accordance with government policies; Ensuring harmonization of interests among market participants, assisting petroleum and oil companies in maintaining and supplying the domestic market with petroleum and oil; minimize negative impacts on socio-economic development, production and business activities, and people’s lives.