This afternoon (October 26), gasoline and oil prices increased sharply.
From 4 p.m. today, each liter of gasoline increased by 1,430 - 1,460 VND and oil increased by 120 - 1,010 VND, marking the fourth consecutive increase since the beginning of September.
According to the price management ofMinistry of Industry and Trade - Finance, the price of E5 RON 92 gasoline from 4:00 p.m. on October 26 increased to 23,110 VND per liter (up 1,430 VND); RON 95 is 24,330 VND per liter (up 1,460 VND).
Prices of all oil products increased. Kerosene is 17,630 VND per liter, up 1,010 VND. Diesel is 18,710 VND per liter, up 1,170 VND. Madut is 17,210 VND per kilogram, up 120 VND.
This is the fourth consecutive price increase since September 10. With this price increase, the price of RON 95 gasoline has exceeded 24,000 VND per liter; while E5 RON 92 gasoline has exceeded 23,000 VND per liter.
In this adjustment period, the regulatory agency spent 1,100 VND (150 VND more than the previous period) from the Petroleum Price Stabilization Fund to compensate for each liter of E5 RON 92 gasoline; RON 95 was 400 VND, compared to 0 VND in the previous period. Diesel and kerosene have fund expenditure levels of 150 VND and 100 VND per liter, respectively. Madut oil does not spend the fund, and is deducted from the stabilization fund of 100 VND per kilogram.
Compared to early September, the total price of each liter of RON 95 gasoline is 3,200 VND more expensive and E5 RON 92 gasoline is 3,220 VND more expensive. Oil products also increased by 2,190 - 3,050 VND per liter, kg depending on the type.
According to data from the Vietnam National Petroleum Group (Petrolimex), before 4:00 p.m. on October 26,petrol stabilization fundat this corporation is currently negative 262 billion VND. Meanwhile, the price stabilization fund at PVOil is also negative more than 697 billion VND (before October 11). This figure is significantly lower than the negative of more than 710 billion VND at the beginning of September of this enterprise.
By the end of August, more than 40% of petroleum traders had negative balances in the price stabilization fund, with a total negative balance of more than VND1,470 billion. About 20 petroleum traders had not yet had negative balances in the price stabilization fund (as of October 26), but the remaining balance is not much, about VND600 billion.
In case the world fuel price continues to climb as it is now, with the fund's space running out, the increase in domestic gasoline and oil prices in the year-end management periods will be very large. To reduce domestic gasoline and oil prices in the context of the stabilization fund running out, the tax reduction plan has been mentioned by the leaders of the Ministry of Industry and Trade, but which type of tax to reduce and how much to reduce are being calculated and considered by the authorities.