RON95 gasoline prices have fallen below 20,000 VND/liter after the latest price adjustment.
From 3 PM on December 18th, the prices of E5RON92 and RON95-III gasoline decreased simultaneously, while diesel and kerosene saw the deepest reductions, by more than 700 VND per liter.
Domestic gasoline and diesel prices have dropped sharply across the board.
According to the joint directive of the Ministry of Industry and Trade and the Ministry of Finance, domestic retail gasoline prices were adjusted downwards from 3 PM on December 18th. Notably, the price of RON95-III gasoline has fallen below 20,000 VND/liter.
Specifically, the price of E5RON92 gasoline decreased by 376 VND/liter, with the new selling price not exceeding...19,239 VND/literThe price of RON95-III gasoline decreased by 462 VND/liter, with the maximum selling price being...19,620 VND/liter.
Oil products also recorded significant price reductions. Diesel 0.05S decreased by 678 VND/liter, with a selling price not exceeding 17,476 VND/liter. Kerosene decreased by 704 VND/liter, to 17,937 VND/liter. Fuel oil 180CST 3.5S decreased by 233 VND/kg, with a new selling price of 13,160 VND/kg.
| Item | Change in price (VND/liter or VND/kg) | Maximum retail price (VND/liter or VND/kg) |
|---|---|---|
| E5RON92 gasoline | - 376 | 19,239 |
| RON95-III gasoline | - 462 | 19,620 |
| Diesel fuel 0.05S | - 678 | 17,476 |
| Oil | - 704 | 17,937 |
| Fuel oil 180CST 3.5S | - 233 | 13,160 |
During this price adjustment period, the Inter-Ministerial Committee decided not to allocate funds or use the Price Stabilization Fund for all petroleum products. According to the Ministry of Industry and Trade, the price adjustment is based on the developments in world petroleum prices during the period from December 11th to December 17th, with a general downward trend.
Developments in the global oil market
Contrary to domestic trends, world crude oil prices rose slightly in trading on December 18th. The market is assessing the risks of supply disruptions from sanctions and oil transportation blockades.
At the close of trading, Brent crude oil prices rose $0.14, or 0.2%, to [price not specified].$59.82 per barrelMeanwhile, US WTI crude oil prices rose $0.21, or 0.4%, to [price not specified].$56.15 per barrel.
Dennis Kissler, senior vice president at BOK Financial, said the market is being supported by Venezuela's oil export blockade. If this situation persists, the South American nation's production could be cut due to a lack of demand.
In addition, Washington is reportedly preparing new sanctions targeting Russia's energy sector if peace talks with Ukraine fail to reach an agreement. According to ING analysts, additional sanctions on Russian oil could pose a greater supply risk than the impact of Venezuela's oil blockade.
These factors have created conflicting fluctuations in the energy market; however, the average price of refined products worldwide during the recent price adjustment period still recorded a downward trend, providing a basis for lowering domestic retail prices.
