Gasoline prices drop after 4 consecutive hikes

Gasoline prices drop after 4 consecutive hikes

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An employee pumps gasoline into a motorbike in Ho Chi Minh City in September 2022. Photo by VnExpress/Quynh Tran

Except for fuel oil, which increased by 20 VND/kg, all other commodities decreased in price, of which gasoline decreased by 40-80 VND/liter; diesel and kerosene fell by 100 and 180 VND, respectively.

According to the adjustment of the Ministry of Industry and Trade – Finance, from 3 pm this afternoon, the price of RON 95-III gasoline decreased by 80 VND, to 23,780 VND/liter; E5 RON 92 is 22,670 VND/liter, equivalent to 40 VND lower.

Except for fuel oil, which increased by 20 VND to 14,780 VND/kg, other oil products all decreased. Diesel oil decreased by 180 VND, to 24,800 VND/liter; kerosene has a new price of 24,640 VND, a decrease of 100 VND compared to 10 days ago.

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Along with the price adjustment, the operator also sets aside 200 VND/liter of RON 95-III gasoline per liter, increasing the provision for E5 RON 92 to 250 VND/liter. Kerosene and diesel continue to not be deducted from the fund in the operating period today. And mazut oil has a fund deduction of 300 VND/kg.

Fund expenditure level continues to maintain 0 VND/kg for gasoline and oil products.

Currently, the retail price per liter of petrol is calculated based on the base price – the price is made up of many factors, including the business expenses of petrol and oil. Business expenses include the import premium (the amount the focal enterprise must pay to the suppliers in the import contract); premium domestic source (the key enterprise pays to domestic oil refineries) and other expenses.

According to the inter-Ministry of Industry and Trade – Finance, the world price of petroleum products over the past 10 days has tended to decrease with gasoline, kerosene, and diesel and slightly increase with fuel oil. Average per barrel RON 95 decreased by 0.4%, to 100.78 USD; diesel fell 2.2% to $129.52 a barrel; mazut oil rose 0.27% to $429.92 a barrel…

Source: VnExpress
Nov 21, 2022