E5 biofuel price reduction

The Vietnam National Petroleum Group (Petrolimex) continues to maintain the prices of traditional gasoline. In particular, E5 biofuel is reduced by 320 VND per liter.

Illustration photo

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

To stabilize prices, in addition to diesel being increased by 20 VND in the price stabilization fund, the Ministry of Finance and Industry and Trade has allowed businesses to reduce the price stabilization deduction from 800 VND to 460 VND per liter of A92 gasoline, and oil of all kinds is reduced from 280-530 VND per liter.

The level of deduction from the Gasoline and Oil Stabilization Fund

Speaking to VnExpress, Deputy Minister of Industry and Trade Do Thang Hai said that in the past few days, world oil prices have been increasing. According to Decree 83, February 5 falls into the cycle of corresponding adjustments. However, the Ministry of Industry and Trade and the Ministry of Finance still decided to keep the current gasoline prices unchanged.

"This decision aims to create favorable conditions for production and business enterprises and consumers, especially before Tet," said Deputy Minister Hai.

Previously, on the world market, oil prices increased for 4 consecutive sessions with a total of nearly 20%. On February 3, prices reached a one-month peak, when Brent oil rose to nearly 59 USD and WTI rose to more than 53 USD, due to prolonged strikes at US refineries. In general, since June 2014, crude oil prices are still only half.

Yesterday (February 4), oil prices fell nearly 10% after news of record US oil reserves last week and a gloomy demand outlook. Currently, each barrel of WTI oil on the NYMEX exchange is priced at 47.78 USD. Meanwhile, Brent oil on the ICE London exchange is trading at 53.42 USD.

Since the beginning of this year, domestic gasoline prices have been adjusted twice, the most recent on January 21 with a record drop of VND1,897 per liter of gasoline.

According to VnExpress