RON95 gasoline prices will drop below 20,000 VND/liter starting today.
From 3 PM on December 18th, domestic fuel prices were simultaneously adjusted downwards. RON95-III gasoline decreased by 462 VND, to 19,620 VND/liter, while diesel saw the sharpest price reduction.
According to a joint decision by the Ministry of Industry and Trade and the Ministry of Finance, retail prices of petroleum products in the country have been adjusted downwards, effective from 3 PM on December 18th. This is a simultaneous price reduction for all products.
Details of the new fuel prices effective from 3 PM on December 18th.
The specific adjustments for each item are as follows:
| Item | Reduction | New retail price (maximum) |
|---|---|---|
| E5RON92 gasoline | 376 VND/liter | 19,239 VND/liter |
| RON95-III gasoline | 462 VND/liter | 19,620 VND/liter |
| Diesel fuel 0.05S | 678 VND/liter | 17,476 VND/liter |
| Oil | 704 VND/liter | 17,937 VND/liter |
| Fuel oil 180CST 3.5S | 233 VND/kg | 13,160 VND/kg |
Management of the Fuel Price Stabilization Fund
In this price adjustment period, the Ministry of Industry and Trade and the Ministry of Finance decided not to make any contributions to or use any funds from the Fuel Price Stabilization Fund for any petroleum products.
Reasons for the downward adjustment in domestic prices.
According to the Ministry of Industry and Trade, this price adjustment is based on developments in the global petroleum market during the price adjustment period from December 11th to 17th. World prices tended to decrease mainly due to the influence of several factors:
- Progress in peace talks between Russia and Ukraine could increase oil supplies.
- US crude oil inventories fell, but gasoline and distillate inventories rose more than expected.
- Tensions in US-Venezuela relations and military conflicts in Eastern Europe continue.
The average price of refined petroleum products worldwide during the recent period recorded a significant decrease. Specifically, RON92 gasoline was at 76.312 USD/barrel (down 2.056 USD), RON95 gasoline was 77.530 USD/barrel (down 2.360 USD), diesel was 81.028 USD/barrel (down 3.800 USD), and kerosene was 83.196 USD/barrel (down 3.964 USD).
