For the first time in 2018, gasoline prices fell

The Ministry of Industry and Trade and the Ministry of Finance have just announced the price adjustments for petroleum products with a combined decision to reduce retail prices and reduce the use of the Petroleum Price Stabilization Fund.

Specifically, the maximum price of E5 RON 92 gasoline is 18,340 VND/liter, down 330 VND/liter. Diesel oil has a maximum price of 15,716 VND/liter, down 230 VND/liter, and mazut oil has a maximum retail price of 12,528 VND/kg. Kerosene alone remains at its retail price of 14,560 VND/liter.

Notably, for the first time, the price of RON 95 gasoline has been proactively adjusted by the Inter-Ministry, with a price reduction of up to 400 VND/liter after many previous price increases. Accordingly, the price of RON 95 gasoline standard IV of Petrolimex will decrease to only 20,180 VND/liter and RON 95 gasoline standard III will only decrease to 19,980 VND/liter.

Along with that, the expenditure on the Petroleum Price Stabilization Fund has also been reduced by more than half. In particular, the Fund's discharge level for E5 RON 92 gasoline has been reduced from 1,141 VND/liter to 600 VND/liter. The remaining items, including RON 95 gasoline, which were previously subsidized from the fund at around 320 - 710 VND/liter, will stop using the Fund starting this afternoon.

Previously, on February 3, despite the rising world price trend, petroleum products remained unchanged (except for RON 95) and instead, the Fund was released to cover losses. In the two operating periods of January, petroleum prices increased.

In the past 15 days, according to the Joint Ministry, in the Singapore market, the average price for RON 92 gasoline, to blend with E5 RON 92 gasoline, was 73.062 USD/barrel, 0.05S diesel was 76.160 USD/barrel, kerosene was 78.319 USD/barrel and fuel oil was 365.734 USD/ton.