At 3 PM this afternoon, gasoline prices decreased by 708 VND/liter.

After making provisions and using the price stabilization fund, from 3 PM 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-gasoline will decrease by 661 VND/liter to 17,099 VND/liter.

This is the second time fuel prices have been adjusted downwards this year.

The Ministry of Industry and Trade and the Ministry of Finance have just issued a new announcement regarding the management of retail gasoline and diesel prices from 3 PM this afternoon (March 21).

According to the inter-ministerial decision, the current levels of contributions to the price stabilization fund remain unchanged. Specifically, the contribution for regular gasoline remains at 300 VND/liter, E5 gasoline remains at 0 VND/liter, and the contributions for other petroleum products remain unchanged.

The amount of expenditure from the price stabilization fund for petroleum products remains unchanged at 0 VND/liter.

After making deductions and using the price stabilization fund, from 3 PM onwards, 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-gasoline will decrease by 661 VND/liter to 17,099 VND/liter.

Diesel fuel prices decreased by 609 VND/liter to a maximum of 13,838 VND/liter, and kerosene prices decreased by 657 VND/liter to 12,177 VND/liter. Mazut prices were adjusted down by 528 VND/kg to 10,850 VND/kg.

Data on refined product prices in the Singapore market (Vietnam's main import market), published by the Ministry of Industry and Trade, also shows that the average price of imported RON 92 gasoline is currently at 62 USD/barrel, a decrease of nearly 4 USD/barrel compared to the previous cycle (65,677 USD/barrel).

Since the beginning of the year, gasoline and diesel prices have undergone 5 adjustments but have only increased once (by 504 VND/liter) on February 18th.

In the most recent price adjustment on March 6th, gasoline prices saw their first reduction of the year, although the decrease was very small. Specifically, RON 92 gasoline was allowed to decrease by 76 VND/liter to a maximum of 18,022 VND/liter, and E5 bio-gasoline decreased by 58 VND/liter to 17,760 VND/liter. Diesel fuel prices increased by 55-76 VND/liter or kg, depending on the type.

Regarding predictions for gasoline and diesel prices in 2017, in a paper submitted to a recent price conference, Mr. Nguyen Loc An, Deputy Director of the Domestic Market Department (Ministry of Industry and Trade), stated that OPEC's reduction in crude oil production will significantly impact the prices of fuel and energy commodities, and consequently, the prices of other goods domestically.

"The average price of gasoline and diesel in the domestic market for the whole year of 2017 may be higher than the average price in 2016, but the increase will not be too large, less than 10%," Mr. An said.

According to Dan Tri