Gasoline prices decrease, RON 95 gasoline highest at 23,557 VND/liter from 3:00 p.m. today, March 7

This afternoon, March 7th, the Ministry of Industry and Trade and the Ministry of Finance jointly announced the fuel price adjustment, effective from 3 PM today.

Giá xăng dầu giảm, xăng RON 95 cao nhất 23.557 đồng/lít từ 15 giờ hôm nay 7.3- Ảnh 1. — Fuel prices will decrease by 176 - 372 VND/liter from 3 PM today, March 7th.

During this fuel price adjustment period, domestic fuel prices are influenced by the global fuel market due to factors such as: increasing concerns that China may not be able to regain its growth momentum anytime soon, leading to potentially lower-than-expected oil demand; and a shift in investment capital towards the gold and cryptocurrency markets.

The Organization of Petroleum Exporting Countries (OPEC+) decided to extend its production cut agreement; tensions in the Middle East continue… These factors have caused world oil prices to fluctuate, rising and falling, in recent days.

During this price adjustment period, the Ministry of Industry and Trade and the Ministry of Finance only allocated 300 VND/kg to the Fuel Price Stabilization Fund for fuel oil, and did not allocate any funds for E5RON 92 gasoline, RON 95 gasoline, diesel fuel, and kerosene. Furthermore, the Ministry of Industry and Trade and the Ministry of Finance decided not to use the Fuel Price Stabilization Fund for any petroleum products.

Accordingly, the selling prices of petroleum products effective from 3 PM on March 7th are as follows: E5RON 92 gasoline: not exceeding 22,512 VND/liter, a decrease of 240 VND/liter compared to the current base price, and 1,045 VND/liter lower than RON 95 gasoline. RON 95 gasoline: not exceeding 23,557 VND/liter, a decrease of 372 VND/liter compared to the current base price.

The price of diesel fuel will not exceed 20,471 VND/liter, a decrease of 302 VND/liter compared to the current base price. The price of kerosene will not exceed 20,609 VND/liter, a decrease of 176 VND/liter compared to the current base price. The price of fuel oil (mazut) will not exceed 16,133 VND/kg, an increase of 174 VND/kg compared to the current base price.

The Ministry of Industry and Trade and the Ministry of Finance believe that the above-mentioned fuel price management plan aims to ensure that domestic fuel price fluctuations are fundamentally consistent with world fuel price fluctuations; and to continue maintaining a reasonable price difference between E5RON 92 bio-gasoline and RON 95 gasoline to encourage the use of biofuels.

Furthermore, the proposed fuel price management plan also ensures a balance of interests among market participants, supports fuel businesses in maintaining fuel supply to the domestic market, and minimizes negative impacts on socio- economic development, production and business activities, and people's lives.

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