The retail price of RON 92 gasoline will not be higher than VND16,405 from this afternoon (December 18). This is likely to be the last price adjustment in 2015.

Gasoline prices fell for the second time in a month.

Vietnam National Petroleum Group (Petrolimex) announced the application of new prices from 3:00 p.m. this afternoon. Accordingly, each liter of RON 92 gasoline is sold at 16,400 VND per liter, a decrease of 390 VND compared to before. The specific prices applied to other products are as follows:

Previously, the Ministry of Industry and Trade - Ministry of Finance has just issued a document requesting businesses to adjust retail prices of gasoline and oil. Specifically, the retail price of RON 92 gasoline must not be higher than 16,405 VND per liter, a decrease of nearly 400 VND compared to the previous maximum retail price. Oil products decreased by 942-1,246 VND per liter and kg; in which the sharpest decrease was diesel oil (1,246 VND).

According to the operator's calculations, in the last 15-day cycle, world oil prices continued to trend downward. The average price of RON 92 finished gasoline in Singapore in the past half month was 53.3 USD per barrel, lower than the average of 55.5 USD in the previous cycle. Therefore, the operator requested to continue not to use the Stabilization Fund, maintain the fund allocation level as well as not change taxes and fees.

Previously, many petroleum importers shared the view that retail prices would drop sharply during this adjustment period. In a recent conversation with VnExpress, the leader of a petroleum company in Ho Chi Minh City said that because the products have different tax and cost levels, oil prices are likely to drop more sharply than gasoline. "Oil could drop by up to VND1,000 per liter while gasoline will be around VND300-400," he said.

Without giving a specific reduction level, citing that "every development depends on the calculation of the regulatory agency", the Deputy General Director of a key enterprise in the North complained that due to the sharp price drop, the regulation requiring key enterprises to reserve for circulation within 30 days is causing business units to suffer losses.

At the end of the afternoon session on December 16, Brent oil price was at 37.19 USD per barrel and at one point fell to a 10-year low (37.11 USD). Meanwhile, US crude oil - WTI lost 5% to 35.52 USD, approaching the 2008 low (32.4 USD). Recently, oil prices have continuously broken the bottom due to oversupply. Since the beginning of the month, Brent oil has decreased by 2.1%, while WTI has decreased by 1.9%.

After the most recent reduction on December 3, the current price of RON 92 gasoline is 16,790 VND per liter, down 260 VND per liter compared to before. E5 gasoline is 16,300 VND per liter. Oil of all kinds is at 9,000-13,230 VND per liter, kg. Since the beginning of the year, gasoline prices have increased 6 times and decreased 11 times, making the current gasoline price level nearly 1,100 VND per liter lower than the end of last year.

According to VNE