According to the gasoline price adjustment session on the afternoon of August 1, the price of RON 95-III gasoline (the popular type on the market) decreased by VND280, down to VND22,600 per liter. Meanwhile, E5 RON 92 was at VND21,610 per liter, down VND290.
Oil products have new prices of 16,880-20,090 VND per liter. Compared to 7 days ago, diesel has decreased by 320 VND, down to 19,870 VND per liter. Kerosene is 230 VND cheaper, and fuel oil is down to 16,880 VND per kilogram.
Thus, domestic gasoline prices have decreased for the fourth consecutive session. Since the beginning of the year, gasoline prices have increased 16 times and decreased 14 times. Meanwhile, oil prices have increased 14 times and decreased 16 times. Since the beginning of the year, each liter of RON 95 gasoline has increased by 690 VND, while diesel has increased by 510 VND.
Explaining the reason for the price reduction, the management agency said that the world oil market during this management period (from July 25 to July 31) was affected by many factors.
The operator said that new developments in the conflict in the Middle East; US crude oil reserves decreased; China's oil demand tended to decrease; the conflict between Russia and Ukraine continued...
"The above factors have caused world oil prices to fluctuate between increases and decreases in recent days, but the main trend is downward," said the Ministry of Industry and Trade.
In addition, the average price of finished petroleum products in the world between the two price management periods was 89.9 USD/barrel of RON 92 gasoline used to blend E5 RON 92 gasoline (down 1.274 USD/barrel, equivalent to a decrease of 1.4% compared to the previous period); RON 95 gasoline was 94.2 USD/barrel (down 1.4 USD/barrel, equivalent to a decrease of 1.46% compared to the previous period).
Similar to the previous operating period, this operating period, the joint ministries did not draw or spend from the Petroleum Price Stabilization Fund for fuel products. This is the 41st period, since October 2023, that the operator has not used the Price Stabilization Fund. By the end of 2023, this fund had a surplus of more than VND 6,655 billion, according to data from the Ministry of Finance.
Source: https://laodong.vn/kinh-doanh/tai-sao-gia-xang-giam-4-ky-lien-tiep-1374904.ldo
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