Gasoline prices increase slightly, oil products add more than 1,000 VND per liter

A Petrolimex gas station. (Photo: Duc Duy/Vietnam+)

The prices of gasoline and other domestic oil products increased in today's operating period (August 11) after the stabilization fund (BOG) was set aside. Accordingly, the price of E5 RON92 gasoline increased by 31 VND/liter, the new price is 22,822 VND/liter. The price of RON95-III gasoline is 23,993 VND/liter, an increase of 30 VND/liter.

In this adjustment period, oil prices increased sharply, of which diesel increased by VND1,813/liter, up to VND22,425/liter. Kerosene increased by VND1,619/liter, the new price is VND21,889/liter and fuel oil increased by VND1,137/kg, up to VND17,668.

Regarding the price stabilization fund, the joint ministries decided not to set up the fund for all petroleum products. On the contrary, they continued not to spend the fund for the two petroleum products, stopped spending the BOG fund for kerosene and diesel, but spent 150 VND/kg for fuel oil.

According to a representative of the Ministry of Industry and Trade, the above-mentioned plan to manage gasoline prices aims to contribute to ensuring that domestic gasoline price fluctuations are basically consistent with world gasoline price fluctuations.

Along with that, the joint ministries also continue to maintain the price difference between E5RON92 biofuel and RON95 mineral gasoline at a reasonable level to encourage the use of biofuels according to the Government's policy, ensure the harmony of interests between market participants, support petroleum businesses to maintain and supply petroleum to the domestic market; minimize negative impacts on socio-economic development, production and business activities and people's lives.

A representative of the Vietnam National Petroleum Group (Petrolimex) said that as of the time before the price adjustment, the balance of the price stabilization fund (BOG) at the enterprise was 3,167 billion VND.

Most recently (August 1), after setting aside the price stabilization fund, the price of E5 RON92 gasoline increased by VND1,152/liter. The price of RON95-III gasoline increased by VND1,171/liter. Diesel increased by VND1,112/liter. Kerosene increased by VND1,081/liter and fuel oil increased by VND806/kg.

According to Decree 95/ND-CP amending and supplementing a number of articles of Decree 83/2014 on gasoline and oil trading, effective from January 2, 2022, gasoline and oil prices are adjusted three times a month on the 1st, 11th and 21st of each month (ie every 10 days, instead of every 15 days).

If it falls on a day off or holiday, it will be postponed to the next working day after the day off; if it falls on the Lunar New Year holiday, it will be postponed to the next adjustment period./.

Duc Duy (Vietnam+)

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