Gasoline prices increased sharply from 5:00 p.m. on April 2
Each liter of E5 RON 92 gasoline increased by 1,377 VND, RON 95 gasoline increased by 1,484 VND after adjusting retail prices, from 5:00 p.m. this afternoon.
The Ministry of Industry and Trade - Ministry of Finance has just released information on adjusting retail gasoline prices. Accordingly, each liter of E5 RON 92 gasoline increased by 1,377 VND, up to 18,588 VND; RON 95 gasoline increased by 1,484 VND, up to 20,033 VND. Oil products also increased by 1,086 - 1,219 VND per liter, kg depending on the type.
After many strong releases, the operator has reduced the price stabilization fund significantly in this period. The release rate for E5 RON 92 gasoline has decreased to 2,042 VND per liter, and for RON 95 gasoline is 1,304 VND. The fund payment rate for diesel and kerosene is 0 VND.
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The continuous increase in world oil prices in recent days has forced domestic retail prices to be adjusted. Data from the Ministry of Industry and Trade shows that in the past 15 days, the average price of finished products in the Singapore market in this cycle was nearly 75 USD per barrel for RON 92 and nearly 76.43 USD per barrel for RON 95, an increase of 4-5% compared to the previous period.
At the same time, the weighted average import tax applied in the base price calculation formula is also slightly adjusted, according to the Ministry of Finance's dispatch. Specifically, the weighted average import tax on gasoline is 10%, diesel 0.28%, kerosene 0.11%...
The proportion of gasoline from imported sources and domestically produced sources (Dung Quat Oil Refinery, Nghi Son Oil Refinery and Petrochemical Complex) to calculate special consumption tax in the base price in the second quarter was 23.28% and 76.72%, respectively.
The price of ethanol E100 used to calculate the base price of E5RON92 gasoline according to Official Dispatch No. 328/BTC-QLG dated April 2, 2019 of the Ministry of Finance on petroleum business management is 14,725 VND/liter (excluding VAT).
Previously, key petroleum trading enterprises said they were losing 300-500 VND on gasoline, while world gasoline prices were at a high level.
With this price increase, domestic retail gasoline prices have increased for the second time since the beginning of the year, and the 6th time the selling price has been kept unchanged, strongly releasing the Stabilization Fund.
