Gasoline and oil prices continue to rise

After the adjustment by the Ministry of Industry and Trade - Ministry of Finance, from 3:00 p.m. this afternoon (October 21), each liter of RON 95-III gasoline has a new price of 22,340 VND; E5 RON 92 is 21,490 VND. Meanwhile, RON 95-V gasoline, the highest grade of gasoline on the market, is priced at 23,470 VND per liter.

Each liter of gasoline increased by 200-340 VND, while oil became more expensive by 600-840 VND. Illustrative photo

Diesel oil increased by 600 VND, to 24,780 VND per liter; kerosene increased to 23,660 VND per liter (up 840 VND). Meanwhile, fuel oil was adjusted down by 200 VND, to 13,890 VND per kilogram. Thus, the price of diesel oil approached the threshold of 25,000 VND per liter and continued to be more expensive than gasoline.

Along with the price adjustment, the joint ministries increased the allocation to the Price Stabilization Fund for gasoline and reduced the allocation to the fund for oil. Specifically, the allocation for RON 95-III gasoline is 400 VND; E5 RON 92 is 200 VND; diesel and kerosene are 0 VND. The allocation to the fund for each kg of fuel oil is 708 VND.

In today's operating session, the joint ministries did not spend the Price Stabilization Fund on goods, except for diesel at 200 VND per liter.

Domestic gasoline prices have been adjusted 28 times since the beginning of the year, including 15 increases and 13 decreases. Compared to the beginning of the year, each liter of RON 95-III gasoline is about VND1,530 cheaper, but diesel is more than VND6,500 more expensive.

Last week, in Hanoi and Ho Chi Minh City, gas stations continued to display signs saying "out of gas, oil still available". Gasoline retailers reported that gas discounts were still very low, even zero VND, and that imports from key suppliers were still slow.

According to the reporter's records at noon on October 21, a few hours before the retail price adjustment, gas stations in Ho Chi Minh City and Hanoi did not have crowded scenes of people lining up to fill up with gas.

According to data from the Ministry of Industry and Trade, the world oil market continues to fluctuate due to factors such as concerns about reduced supply due to OPEC+ production cuts. The average price of finished oil products in the world over the past 10 days has increased by 0.4-2.8% depending on the type, with fuel oil alone decreasing.