The Ministry of Finance and the Ministry of Industry and Trade have just adjusted the retail price of gasoline and oil in the adjustment period today (March 28). The application time is from 3:00 p.m. on March 28, 2024.

Today's gasoline prices, from 3:00 p.m. on March 28, each liter of E5 RON 92 gasoline increased by 406 VND, RON 95 gasoline increased by 532 VND; however, oil prices decreased.

Specifically, the price of E5 RON 92 gasoline increased by VND406/liter to VND23,625/liter; RON 95 gasoline increased by VND532/liter to VND24,816/liter.

In this adjustment period, diesel 0.05S: decreased by 321 VND/liter, to 20,693 VND/liter; Kerosene decreased by 387 VND/liter, to 20,879 VND/liter. Meanwhile, mazut 180CST 3.5S increased by 46 VND/kg to 17,145 VND/kg.

In this management period, the Ministry of Industry and Trade - Ministry of Finance set aside the Price Stabilization Fund for fuel oil at 300 VND/kg, and did not set aside the Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil and kerosene.

At the same time, the Petroleum Price Stabilization Fund will not be used for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

According to the Ministry of Industry and Trade, the average price of finished petroleum products in the world between the price adjustment period on March 21, 2024 and the adjustment period on March 28, 2024 is: 100.484 USD/barrel of RON92 gasoline used to blend E5RON92 gasoline (up 2.144 USD/barrel, equivalent to an increase of 2.18%); 105.018 USD/barrel of RON95 gasoline (up 2.618 USD/barrel, equivalent to an increase of 2.56%); 102.292 USD/barrel of kerosene (down 2.466 USD/barrel, equivalent to a decrease of 2.35%); 102.620 USD/barrel of 0.05S diesel oil (down 2.070 USD/barrel, equivalent to a decrease of 1.98%); 488.122 USD/ton of 180CST 3.5S fuel oil (up 0.782 USD/ton, equivalent to an increase of 0.16%).

On the world market, at 6:00 a.m. on March 28, the WTI oil price was listed at 81.73 USD/barrel, up slightly by 0.45%, equivalent to an increase of 0.37 USD/barrel in the past 24 hours. At the same time, the Brent oil price was listed at 86.09 USD/barrel, down 0.19%, equivalent to a decrease of 0.16 USD/barrel.

A stronger US dollar makes dollar-denominated oil more expensive for holders of other currencies, reducing demand, Reuters reported.

Additionally, an unexpected surge in U.S. crude and gasoline inventories also added to the pressure on oil prices. Data from the U.S. Energy Information Administration (EIA) showed that U.S. crude inventories rose by 3.2 million barrels while gasoline inventories rose by 1.3 million barrels in the week ended March 22.

On the supply side, OPEC+ is unlikely to change its oil output policy until a full ministerial meeting in June. OPEC+ agreed this month to extend production cuts of around 2.2 million barrels per day until the end of June, although Russia and Iraq have had to do more to address the production glut.

A Reuters survey found that OPEC+ exceeded its target by 190,000 barrels per day in February, raising questions about whether members of the group are able to comply with the agreed cuts.

In the most recent gasoline price adjustment period (March 21), retail prices of gasoline products were adjusted in the direction of a sharp increase in gasoline prices.

Specifically, the price of E5 gasoline increased by 720 VND/liter, the selling price is 23,210 VND/liter. The price of RON95 gasoline increased by 740 VND/liter, the selling price is 24,280 VND/liter.

Diesel price increased by 470 VND/liter, retail price is 21,010 VND/liter. Kerosene price increased by 560 VND/liter, price is 21,260 VND/liter.

In this management period, the Ministry of Finance and the Ministry of Industry and Trade did not set aside and did not spend the Price Stabilization Fund for most types of gasoline and oil, except for the 300 VND/liter provision for fuel oil.