Gasoline price increased by more than 400 VND/liter, oil price decreased simultaneously

Meanwhile, oil prices fell across the board.

Specifically, diesel price decreased by 549 VND/liter, not higher than 21,940 VND/liter; kerosene decreased by 448 VND/liter, not higher than 22,305 VND/liter and fuel oil decreased by 373 VND/kg, not higher than 16,240 VND/kg.

In this management period, the Ministry of Finance and the Ministry of Industry and Trade did not set aside or use the gasoline price stabilization fund for all products.

Gasoline prices increased by more than 400 VND/liter from this afternoon, November 1. (Illustration photo)

The Ministry of Finance and the Ministry of Industry and Trade said that the world oil market in this adjustment period (from October 23, 2023 to November 1, 2023) is affected by factors such as: The possibility of supply disruption from the conflict in the Middle East is not high and the increase in production from the US and OPEC causes oil prices from October 23 to November 1 to fluctuate up and down.

The average price of finished petroleum products in the world between the price adjustment period on October 23, 2023 and the adjustment period on November 1, 2023 is: 95.246 USD/barrel of RON92 gasoline used to blend E5 RON92 gasoline (up 1.226 USD/barrel); 100.806 USD/barrel of RON95 gasoline (up 1.858 USD/barrel); 111.801 USD/barrel of kerosene (down 3.039 USD/barrel); 110.869 USD/barrel of diesel oil (down 3.620 USD/barrel); 475.959 USD/ton of fuel oil (down 15.360 USD/ton).

Since the beginning of the year, gasoline prices have undergone 31 adjustments, including 18 increases, 9 decreases, and 4 unchanged.

Regarding the management of gasoline prices, the Ministry of Industry and Trade has just completed the draft Decree amending Decree 95 and Decree 83 on gasoline trading, sending it to the Government after receiving comments from ministries and branches.

The draft Decree proposes that the adjustment period between two retail price changes be shortened to 7 days, fixed every Thursday.

In case Thursday falls on the last day of the Lunar year (29th or 30th of Lunar New Year), the price adjustment schedule will be implemented on the preceding Wednesday. If Thursday falls on the 1st, 2nd or 3rd day of Lunar New Year, the price change will be implemented on the 4th day of Lunar New Year.

If it falls on a holiday, the petrol price will be adjusted on the following Wednesday. If it falls on other holidays, the petrol price will be adjusted on the first working day after the holiday.

PHAM DUY

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