Reduced price of E5 bioethanol fuel.

The prices of traditional gasoline and diesel fuel continue to be maintained by the Vietnam National Petroleum Group (Petrolimex). However, the price of E5 bioethanol gasoline has been reduced by 320 VND per liter.

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Specifically, RON 92 gasoline is still being sold at 15,670 VND per liter, and 0.05S diesel at 15,170 VND per liter. Kerosene and fuel oil are priced at 15,610 VND and 12,220 VND respectively. E5 gasoline, however, is being sold at 15,350 VND from this afternoon, 320 VND lower than before, as well as lower than the price of RON 92 gasoline.

To maintain price stability, in addition to increasing diesel's contribution to the price stabilization fund by 20 dong, the inter-ministerial committee of Finance and Industry and Trade has allowed businesses to reduce the price stabilization contribution from 800 dong to 460 dong per liter for A92 gasoline, and for other types of oil, the contribution has been reduced by 280-530 dong per liter.

Level of contribution to the Fuel Price Stabilization Fund

Speaking to VnExpress, Deputy Minister of Industry and Trade Do Thang Hai said that world oil prices have increased in recent days. According to Decree 83, February 5th falls within the cycle requiring a corresponding adjustment. However, the inter-ministerial committee of Industry and Trade and Finance has decided to maintain the current gasoline and diesel prices.

"This decision aims to create favorable conditions for businesses and consumers, especially in the period leading up to the Lunar New Year," Deputy Minister Hai said.

Earlier on the world market, oil prices rose for four consecutive sessions, totaling nearly 20%. On February 3rd, prices even reached a one-month high, with Brent crude nearing $59 and WTI exceeding $53, due to prolonged strikes at US refineries. Overall, since June 2014, crude oil prices are still only half of what they were then.

Yesterday (February 4th), oil prices fell nearly 10% following news that US oil inventories reached a record high last week and a gloomy demand outlook. Currently, each barrel of WTI crude on the NYMEX is priced at $47.78, while Brent crude on the ICE London exchange is trading at $53.42.

Since the beginning of this year, domestic gasoline prices have been adjusted twice, most recently on January 21st with a record reduction of 1,897 VND per liter.

According to VnExpress