Gasoline price reduction from 3pm

Each liter of RON 92 gasoline is sold at a maximum price of 16,032 VND per liter from 3:00 p.m. today (January 4), a decrease of about 400 VND compared to before.

The Ministry of Industry and Trade - Ministry of Finance has just issued a document requesting businesses to adjust retail gasoline prices. Accordingly, from 3 p.m., the retail price of RON 92 gasoline must not be higher than 16,032 VND per liter, a decrease of nearly 400 VND compared to the current retail price. E5 gasoline must not exceed 15,339 VND while. Oil products decreased by 616-865 VND per liter, kg.

According to the operator's calculations, in the last 15-day cycle, world oil prices have tended to decrease.

The average price of RON 92 gasoline in Singapore in the past half month was nearly 51.4 USD per barrel, lower than the average of 55.5 USD in the previous cycle. Therefore, the regulatory agency requested to continue not to use the Stabilization Fund, deduct 300 VND per liter for gasoline and diesel, and not change taxes and fees.

Given the developments in the world market over the past 15-day period, many petroleum importers have a common opinion that retail prices will decrease during this adjustment period, but the level is not significant.

Meanwhile, on the world market, oil prices rose for the second consecutive session, after the New Year holiday, due to geopolitical tensions between Saudi Arabia and Iran. Early this morning, WTI crude oil increased by 3.5% to 38.32 USD per barrel on the NYMEX. Last month, this oil lost 11%.

Brent crude rose 3.3% to $38.50 a barrel on the ICE Futures Europe exchange. Brent lost a total of 35% in 2015. Both are higher than they were in mid-December. WTI rose 2%, while WTI rose 0.7%.

After the last adjustment of 2015 (on December 18), the current retail price of RON 92 gasoline is VND16,400 per liter, and that of various types of oil is VND8,060-11,980 per liter or kilogram. Last year, gasoline prices underwent a total of 18 adjustments, including 6 increases and 12 decreases.

According to VNE