Fuel prices slightly increase, price of RON95 gasoline unchanged

Due to new Covid-19 cases and unchanged global fuel prices, the ministries of Finance and Industry and Trade on July 28 decided to keep the price of RON95 gasoline unchanged, just slightly increase the prices of the remaining petroleum products.

Particularly, as of 3 p.m., the price of E5 RON92 gasoline was at VND14,409 per liter; that of RON95-III was at VND14,973 per liter; that of diesel oil 0.05S was not higher than VND12,397 per liter; that of kerosene was at VND10,279 per liter; that of mazut oil 180CST was at VND11,183 per kilogram.

The setting-up level for the fuel price stabilization fund was at VND100 per liter for E5 RON92 gasoline, at VND200 per liter for RON95 gasoline, at VND500 per liter for diesel oil, at VND300 per liter for kerosene, and at VND300 per kilogram for mazut oil.

However, fuel traders were allowed to tap the fund VND900 per liter for biofuel E5 RON92, VND479 per liter for RON95 gasoline, VND100 per liter for kerosene, VND100 per kilogram for mazut oil, and VND0 per liter for diesel oil.

According to the ministries’ assessment, the situation of the pandemic in the country is getting more complicated again, which will affect the recovery of economic growth and the demand for fuel and energy. In the previous adjustment on July 13, to support the recovering economy, the ministries of Industry and Trade and Finance reduced the provision for the fuel price stabilization fund and increased the fund spending to a quite high level, particularly, VND961 per liter for E5RON92 gasoline, VND526 per liter for RON95 gasoline, and from VND88 to VND254 per liter or kilogram for oil products. 

In this adjustment, if not using the fund, the prices of petroleum products might increase by VND283-VND1,051 per liter or kilogram.

To limit the increase in prices, support for production, business, and consumption of people and enterprises in the context of the situation of the Covid-19 pandemic in the country is worsening, the ministries decided to continue to use the fuel price stabilization fund for gasoline, kerosene, and oil products to maintain the retail price for RON95 gasoline, and slightly increase the prices of E5RON92 gasoline and oil products.

The control on gasoline prices also contributed to ensuring the goal to control inflation in 2020 assigned by the National Assembly, maintaining the price difference between biofuel E5RON92 and mineral petrol RON95 at a reasonable level to encourage the use of biofuel to protect the environment following the Government's policy.