Gasoline price increased by more than 500 VND/liter

DNO - On the afternoon of January 18, the Ministry of Industry and Trade - Ministry of Finance decided to adjust the retail prices of gasoline and oil products. Accordingly, RON95-III gasoline had the highest increase of 547 VND/liter.

Gasoline and oil prices increased sharply on the afternoon of January 18. Photo: CHIEN THANG

After the adjustment, the retail price of gasoline products such as RON92 increased by VND377/liter, to VND21,418/liter; RON95-III gasoline increased by VND547/liter, to VND22,482/liter.

At the same time, oil products recorded an increase of 205-487 VND/liter. Specifically, diesel 0.05S increased by 487 VND/liter, to 20,194 VND/liter; kerosene increased by 205 VND/liter, to 20,536 VND/liter; mazut 180CST 3.5S increased by 307 VND/kg, to 15,508 VND/kg.

In light of the above developments in world oil prices and current regulations, the Ministry of Industry and Trade and the Ministry of Finance have decided to continue to set aside the Price Stabilization Fund (BOG) for fuel oil, not to set aside the BOG Fund for gasoline, diesel oil and kerosene; and not to use the BOG Fund for all petroleum products.

The world oil market in this operating period (from January 11 to January 18, 2024) is affected by factors such as: escalating tensions in the Middle East, China's economic recovery is lower than expected, warm weather reduces the supply of heating fuel in the Northeast and Midwest of the US, oil supply from Russia increases despite tensions in the Red Sea region, the increase in the price of the USD... The above factors have caused world oil prices in recent days to fluctuate slightly up and down, but generally increase.

The average price of finished petroleum products in the world between the price management period of January 11, 2024 and the management period of January 18, 2024 is: 88.858 USD/barrel of RON92 gasoline used to blend RON92 gasoline (an increase of 1.722 USD/barrel, equivalent to an increase of 1.98% compared to the previous period); 93.794 USD/barrel of RON95 gasoline (an increase of 2.438 USD/barrel, equivalent to an increase of 2.67% compared to the previous period); 101.432 USD/barrel of kerosene (an increase of 0.684 USD/barrel, equivalent to an increase of 0.68% compared to the previous period); 100.844 USD/barrel of diesel oil (an increase of 2.358 USD/barrel, equivalent to an increase of 2.39% compared to the previous period); 433,724 USD/ton of 180CST 3.5S fuel oil (down 13,622 USD/ton, equivalent to a decrease of 3.05% compared to the previous period).

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