The retail price of RON 92 gasoline will not exceed 16,405 VND from this afternoon (December 18). This is likely the last price adjustment of 2015.

Gasoline prices have fallen for the second time in a month.

The Vietnam National Petroleum Group (Petrolimex) announced the application of new prices from 3 PM this afternoon. Accordingly, each liter of RON 92 gasoline will be sold at 16,400 VND, a decrease of 390 VND compared to before. The applicable prices for other products are as follows:

Previously, the Ministry of Industry and Trade and the Ministry of Finance issued a document requesting businesses to adjust retail gasoline and diesel prices. Specifically, the retail price of RON 92 gasoline must not exceed 16,405 VND per liter, a decrease of nearly 400 VND compared to the previous maximum retail price. Prices for other oil products decreased by 942-1,246 VND per liter/kilogram; the sharpest decrease was for diesel (1,246 VND).

According to the regulator's calculations, world oil prices continued to trend downwards over the past 15 days. The average price of RON 92 gasoline in Singapore over the past half-month was $53.3 per barrel, lower than the $55.5 average of the previous cycle. Therefore, the regulator requested that the Price Stabilization Fund continue to be unused, maintaining the current level of fund contributions and leaving all taxes and fees unchanged.

Previously, many petroleum import businesses shared the same prediction that retail prices would drop sharply in this adjustment period. In a recent interview with VnExpress, the leader of a petroleum company in Ho Chi Minh City stated that due to differing taxes and costs, diesel prices are likely to fall more sharply than gasoline. "Diesel could decrease by up to 1,000 VND per liter, while gasoline prices might drop by around 300-400 VND," he said.

Without specifying a price reduction, citing that "all developments depend on the calculations of the regulatory agency," the deputy general director of a major wholesale enterprise in the North complained that due to the sharp price drop, the mandatory regulation requiring wholesale enterprises to maintain a 30-day supply is causing businesses to incur losses.

At the close of trading on the afternoon of December 16th, Brent crude oil was at $37.19 per barrel, having at one point fallen close to a 10-year low ($37.11). Meanwhile, US WTI crude oil lost 5% to $35.52, nearing its 2008 low ($32.4). Recently, oil prices have been continuously hitting new lows due to oversupply. Since the beginning of the month, Brent crude has fallen 2.1%, while WTI has lost 1.9%.

Following the most recent price reduction on December 3rd, the current price of RON 92 gasoline is 16,790 VND per liter, a decrease of 260 VND per liter compared to before. E5 gasoline is 16,300 VND per liter. Diesel fuels of all types range from 9,000 to 13,230 VND per liter/kilogram. Since the beginning of the year, gasoline prices have experienced 6 increases and 11 decreases, resulting in the current price level being nearly 1,100 VND per liter lower than at the end of last year.

According to VNE