Gasoline prices increased again, free Ron 95 up to nearly 21,000 VND/liter

Accordingly, the regulatory agency allows to maintain the current level of the Petroleum Price Stabilization Fund for petroleum products. The fund for E5 RON92 gasoline is VND857/liter, diesel is VND400/liter, kerosene is VND460/liter, and fuel oil is VND150/kg.

After setting aside and releasing the price stabilization fund, the price of E5 RON 92 gasoline increased by 429 VND/liter, diesel increased by 430 VND/liter, kerosene increased by 448 VND/liter, and mazut increased by 148 VND/kg.

Thus, the selling prices of popular petroleum products on the market are: E5 gasoline is not higher than 18,672 VND/liter; diesel oil is not higher than 15,959 VND/liter; kerosene is not higher than 14,560 VND/liter; mazut oil is not higher than 12,765 VND/kg.

In this adjustment, the price of Ron 95 gasoline has not been recorded yet. In the previous adjustment period, Ron 95 was freely adjusted by enterprises with a very strong increase of over 20,000 VND/liter. After receiving feedback, the authorities announced that they would study and build a base price to manage this item, but in this adjustment period, it has not been included in the price adjustment table. However, in Petrolimex's announcement, the highest price of Ron 95-IV gasoline has reached 20,990 VND/liter.

According to the Ministry of Industry and Trade, the world price of finished petroleum products has been on an upward trend and is at a high level. Specifically, the world price of finished RON92 gasoline (base gasoline for blending E5 gasoline) on January 10, 2018 stood at 77.350 USD/barrel, the highest price since 2016.

The average price of finished petroleum products in the world in the 15 days before January 19, 2018 was: 76.243 USD/barrel of RON 92 gasoline (base gasoline for blending E5 RON92 gasoline); 80.214 USD/barrel of 0.05S diesel oil; 80.569 USD/barrel of kerosene; 380.540 USD/ton of 180CST 3.5S fuel oil.

After two price adjustments in early 2018, this is the first time gasoline prices have increased. Meanwhile, oil prices have increased for the second consecutive time.

Recently, Deputy Prime Minister Vuong Dinh Hue chaired a meeting with the Ministry of Industry and Trade and the Ministry of Finance to give opinions on the management and operation of petroleum prices in the coming time, including the price of RON 95 gasoline.

Deputy Prime Minister Vuong Dinh Hue assigned the Ministry of Industry and Trade to preside over and coordinate with the Ministry of Finance and relevant agencies to continue monitoring the consumption of E5RON92 and RON 95 gasoline meeting Euro 3 and Euro 4 emission standards in the first quarter of 2018 to announce base prices of gasoline products in accordance with the market and the provisions of law.

After the discontinuation of RON 92 gasoline from January 1, 2018, the market only had two types of gasoline: RON 95 and E5. Immediately after that, the price of RON 95 gasoline increased sharply by 810 VND/liter, reaching 20,290 VND/liter.

The increase in the price of RON 95 has made the selling price of RON 95 III and IV gasoline much higher than that of E5 RON 92 bio-fuel from 1,850 to 2,050 VND/liter. This raises the question of whether the regulatory agency wants to create such a gap so that E5 gasoline can be consumed more strongly. At the same time, the fact that RON 95's base price is not announced like E5 or RON 92 before makes many people worry about the transparency in price management.

Afterwards, the Ministry of Industry and Trade sent a report to Deputy Prime Minister Vuong Dinh Hue, Head of the Price Management Steering Committee, about the increase in RON 95 gasoline price and the announcement of the base price of RON 95 gasoline.