Each liter of gasoline decreased by more than 1,000 VND
From 3pm this afternoon, gasoline and diesel prices will both decrease while kerosene and fuel oil remain the same.
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Filling up with gas at a station in Ho Chi Minh City. Photo:Huu Khoa |
According to the announcement just released by the Ministry of Industry and Trade - Ministry of Finance, domestic retail gasoline prices decreased by more than 1,000 VND per liter, respectively 1,138 VND for RON 95 gasoline and 1,082 VND for E5 RON 92 gasoline. Meanwhile, diesel decreased by 67 VND while kerosene and mazut remained unchanged in price.
After adjustment, diesel is 18,544 VND per liter. E5 RON 92 gasoline has a new maximum price of 19,600 VND; RON 95 gasoline is 21,065 VND per liter. Kerosene remains at 17,080 VND per liter.
Along with the price reduction, the regulatory agency also stopped spending from the Price Stabilization Fund for RON 95 gasoline and diesel. The Stabilization Fund deduction for E5 RON 92 gasoline is 700 VND per liter, kerosene is 91 VND, and mazut is 267 VND per kilogram.
The sharp reduction in retail gasoline prices, according to the joint ministries, is due to the average price of finished petroleum products in the world in the past 15 days decreasing. For example, each barrel of RON 92 gasoline (E5 RON 92 base gasoline) is 78.71 USD per barrel; RON 95 gasoline is 80.52 USD per barrel.
The price of E100 ethanol used to calculate the base price of E5RON92 gasoline according to the official dispatch of the Ministry of Finance is 14,737 VND per liter (excluding VAT).
Since the beginning of the year, there have been 20 times of gasoline price adjustment, of which 6 times gasoline price increased and 3 times decreased. Regarding the balance of the Petroleum Price Stabilization Fund, the Ministry of Finance said that by the end of the third quarter, the fund balance was 3,039 billion VND. Compared to the end of 2017, the fund balance decreased by 2,066 billion, equivalent to a decrease of about 40%.
