This afternoon, March 7, the Ministry of Industry and Trade - Ministry of Finance announced information on gasoline price management, effective from 3:00 p.m. the same day.
Gasoline prices decreased from 176 - 372 VND/liter from 3:00 p.m. today, March 7.
During this period of petroleum management, domestic petroleum prices were affected by the world petroleum market due to factors such as: increasing concerns that China may not regain its growth momentum soon, leading to lower oil demand than forecast; there was a shift in investment capital flows into the gold and cryptocurrency markets.
The Organization of the Petroleum Exporting Countries (OPEC+) decided to extend the production cut agreement; tensions in the Middle East continue… The above factors have caused world oil prices to fluctuate between increases and decreases in recent days.
Also in this operating period, the Ministry of Industry and Trade - Ministry of Finance only made a provision for the Petroleum Price Stabilization Fund for fuel oil at the rate of 300 VND/kg, and did not make a provision for E5RON 92 gasoline, RON 95 gasoline, diesel oil and kerosene. In addition, the Ministry of Industry and Trade - Ministry of Finance decided not to use the Petroleum Price Stabilization Fund for petroleum products.
Accordingly, the selling price of petroleum products applied from 3:00 p.m. on March 7 is common on the market for E5RON 92 gasoline: no higher than VND22,512/liter, down VND240/liter compared to the current base price, lower than RON 95 gasoline by VND1,045/liter. The price of RON 95 gasoline is no higher than VND23,557/liter, down VND372/liter compared to the current base price.
Diesel price is not higher than VND20,471/liter, down VND302/liter compared to the current base price. Kerosene price is not higher than VND20,609/liter, down VND176/liter compared to the current base price. Fuel oil price is not higher than VND16,133/kg, up VND174/kg compared to the current base price.
The Ministry of Industry and Trade and the Ministry of Finance believe that the above-mentioned gasoline price management plan aims to ensure that domestic gasoline price fluctuations are basically consistent with world gasoline price fluctuations; continue to maintain the price difference between E5RON 92 biofuel and RON95 gasoline at a reasonable level to encourage the use of biofuels.
In addition, the plan to manage gasoline prices also ensures the harmony of interests among market participants, supports gasoline businesses to maintain gasoline supply for the domestic market; minimizes negative impacts on socio-economic development, production and business activities and people's lives.
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