Except for fuel oil, each liter of gasoline and oil decreased by over VND1,000, bringing gasoline prices to the lowest level since the beginning of the year.
According to the adjustment of the Ministry of Industry and Trade and the Ministry of Finance, from 3:00 pm on December 12, RON 95-III gasoline (a common type of gasoline sold on the market) decreased by 1,500 VND/liter, to VND21,200; E5 RON 92 also decreased by VND1,330, to VND20,340.
Meanwhile, oil products also reduced prices by 940-1,660 VND/liter, kg depending on the type. Specifically, diesel oil decreased by VND1,540, to VND21,670; kerosene is 21,900 VND/liter, ie VND1,660 down. And fuel oil decreased by VND940, to 13,010 VND/kg.
With a deep decrease in today's operating period, gasoline and oil prices have reached the lowest level since March this year.
Along with lowering the selling price, the inter-ministerial department also increased the amount set aside for the petroleum stabilization fund for all commodities. Accordingly, the rate of deduction for gasoline RON 95-III increased by VND200, to 400 VND/liter; E5 RON92 increased by VND50, to VND300.
In this period, the operator also made a provision for oil, at 800 VND/liter of diesel sold; VND500 with kerosene. Each kg of fuel oil sold is also set aside for the Stabilization Fund of VND500, an increase of VND200 compared to 10 days ago.
According to the authorities, the world petroleum market over the past 10 days has fallen deeply due to concerns about the increasing risk of a global recession, weak fuel demand when the US raises interest rates and the imposition of price ceilings on Russian oil. The average price of petroleum products in the world in the past 10 days decreased by 6-8%. Each barrel of RON 95 oil decreased by 5.9% to $88.44; diesel also dropped another 5.4%, at $111.28; and kerosene fell more than 6.8%, to 107.80 USD/barrel.
In this operating period, the Inter-Ministries of Finance and Industry and Trade continues to not spend the stabilization fund for commodities, so that domestic petrol and oil prices fluctuate in line with the world; contributing to stabilizing the market at the end of the year and the Lunar New Year.