At 3:00 p.m. this afternoon, gasoline price decreased by 708 VND/liter.

After making provisions and spending the price stabilization fund, from 3:00 p.m. this afternoon, the price of RON 92 gasoline is allowed to decrease by 708 VND/liter to a maximum of 17,314 VND/liter and E5 bio-fuel decreases by 661 VND/liter to 17,099 VND/liter.

This is the second time gasoline prices have been adjusted down this year.

The Ministry of Industry and Trade and the Ministry of Finance have just issued a new announcement on the management of retail gasoline prices from 3:00 p.m. this afternoon (March 21).

According to the decision of the Joint Ministry, the levels of the stabilization fund are kept the same as the current levels. Specifically, the level of the price of mineral gasoline is 300 VND/liter, the level of E5 gasoline is kept at 0 VND/liter and the same for oil products.

The level of expenditure using the price stabilization fund for petroleum products remains at 0 VND/liter.

After making provisions and spending the price stabilization fund, from 3:00 p.m., the price of RON 92 gasoline is allowed to decrease by 708 VND/liter to a maximum of 17,314 VND/liter and E5 bio-fuel decreases by 661 VND/liter to 17,099 VND/liter.

Diesel oil prices decreased by VND609/liter to a maximum of VND13,838/liter and kerosene decreased by VND657/liter to VND12,177/liter. Fuel oil was adjusted down by VND528/kg to VND10,850/kg.

Data on finished product prices in the Singapore market (Vietnam's main import market) announced by the Ministry of Industry and Trade also shows that the average price of imported RON 92 gasoline is at 62 USD/barrel, down nearly 4 USD/barrel compared to the previous cycle (65.677 USD/barrel).

Since the beginning of the year, gasoline prices have gone through 5 adjustments but have only increased once (504 VND/liter) on February 18.

In the most recent operating session on March 6, gasoline prices had their first reduction this year, but the reduction was very small. Accordingly, the price of RON 92 gasoline was allowed to decrease by 76 VND/liter to a maximum of 18,022 VND/liter and E5 biofuel decreased by 58 VND/liter to 17,760 VND/liter. Diesel products increased by 55-76 VND/liter, kg, depending on the type.

Regarding the forecast of gasoline prices in 2017, in a recent speech at a price conference, Mr. Nguyen Loc An, Deputy Director of the Domestic Market Department (Ministry of Industry and Trade), said that OPEC's cut in crude oil production will greatly affect the prices of fuel and energy goods, and thereby affect the prices of other domestic goods.

“The average domestic price of gasoline and oil in 2017 may be higher than the average price in 2016, but the increase is not too large, less than 10%,” said Mr. An.

According to Dan Tri