Domestic gasoline prices today (February 29) are being managed by the Ministry of Industry and Trade - Ministry of Finance in an upward direction, while oil prices are decreasing.

Based on the management of the Ministry of Industry and Trade - Ministry of Finance, businesses simultaneously adjusted gasoline prices from 3:00 p.m. today.

Accordingly, the price of E5 gasoline increased by 280 VND/liter, the selling price is 22,750 VND/liter. The price of RON95 gasoline increased by 330 VND/liter, the selling price is 23,920 VND/liter.

Diesel price decreased by 140 VND/liter, selling price is 20,770 VND/liter.

Thus, since the beginning of the year, gasoline prices have increased 6 times and decreased 3 times.

In the most recent petrol price adjustment (February 22), petrol prices were adjusted down across the board. Accordingly, each liter of petrol decreased by 320-360 VND, while diesel and kerosene also decreased by 300-450 VND/liter.

Gasoline prices have been adjusted up. Photo: Nguyen Hue

At today's management session, the joint Ministry of Finance and Ministry of Industry and Trade did not set aside or spend the Price Stabilization Fund for most types of gasoline and oil, except for fuel oil, which costs 300 VND/liter.

The fuel price stabilization fund of some key enterprises is recording a large positive level because in recent management periods, the management agency has rarely used the fund.

As of February 22, Petrolimex recorded a price stabilization fund balance of VND3,063 billion; Saigon Petro had a price stabilization fund balance of VND327 billion, Petimex had a price stabilization fund balance of VND459 billion...

On the world market, Russia's RBK daily on February 27 quoted Russian government sources and a spokesman for Prime Minister Mikhail Mishustin confirming that Mr. Mishustin had approved a decision to ban the export of gasoline and diesel for 6 months, starting from March 1, to ensure sufficient supply for the domestic market during periods of high demand.

The move could also have a negative impact on global markets amid supply concerns amid a decline in US refining activity and difficulties in transporting fuel due to tensions in the Red Sea region. However, analysts were cautious, warning of the risk of a global oil price spike.

According to VNN