Gasoline prices increased from 3:00 p.m. this afternoon

Illustration photo

Domestic retail gasoline and oil prices increased by VND500-678 per liter or kilogram depending on the type from the afternoon of May 23, according to the announcement of the Ministry of Industry and Trade and the Ministry of Finance.

Each liter of E5 RON92 gasoline increased by 500 VND, RON 95 gasoline increased by 600 VND; diesel increased by 587 VND; kerosene increased by 523 VND and each kilogram of mazut increased by 678 VND.

After adjustment, the price of E5 RON92 gasoline is no higher than VND19,940; RON95 gasoline is VND21,511; diesel is VND17,694; kerosene is VND16,440 per liter and mazut is VND14,437 per kilogram.

Along with that, the operator increased the expenditure of the Petroleum Price Stabilization Fund for gasoline by 380-467 VND per liter; and reduced the expenditure of the Fund by 100 VND per liter for kerosene. For diesel and mazut, the fund deduction level remained unchanged compared to the previous management period.

Explaining the sharp increase in domestic gasoline and oil prices, the joint ministries said that due to political instability in the Middle East and a decline in oil supply from Venezuela, the world price of finished petroleum products has recently increased very high. The price of RON92 gasoline (base gasoline for blending E5 RON92 gasoline) is the highest in the past few years, at 89.780 USD per barrel, an increase of nearly 7%.

In addition, the average price of finished RON95 products is at 88.653 USD per barrel of RON95 gasoline, up 6.2%; diesel is 90.421 USD per barrel... The price of E100 ethanol used to calculate the base price of E5 RON92 gasoline according to the official dispatch of the Ministry of Finance is 14,916 VND per liter (excluding VAT).

Previously, key petroleum businesses also predicted a sharp increase in gasoline prices today because the world is "escalating" and showing no signs of slowing down.