Specifically, from 3 p.m. on December 12, E5 RON92 gasoline price is cut to VND20,346, down VND1,333 per liter, and RON95-III gasoline price is lowered to VND21,200 per liter, down VND1,504 per liter.
At the same time, the diesel oil price is only VND21,670 per liter, down VND1,543 per liter; kerosene is sold at VND21,901 per liter, down VND1,661 per liter; fuel oil 180CST 3.5S is adjusted to VND13,016 per kg, down VND937 per kg.
According to key fuel enterprises, gasoline prices would have dropped even more in this adjustment if the ministries did not increase the provision for the Fuel Price Stabilization Fund. Specifically, the ministries requested to set aside VND300 per liter for E5 RON92 gasoline, VND400 per liter for RON95 gasoline, VND800 per liter for diesel oil, VND500 per liter for kerosene, and VND500 per kg for fuel oil. Fuel traders are not allowed to tap the fund.
Explaining the sharp decreases in gasoline prices, the ministries of Industry and Trade - Finance said that the world petroleum market in the past ten days was affected by many factors. Specifically, concerns about the risk of the global recession are increasing; fuel demand is weakening in the context that the US is likely to raise interest rates; the imposition of a ceiling price on Russian oil officially took effect as of December 5; China has eased measures to prevent the Covid-19 pandemic. These factors have caused gasoline prices to have mixed developments but decrease in general.
The ministries said that in this adjustment period, to support the reduction of gasoline prices, contributing to stabilizing the market at the end of the year and the Lunar New Year, and ensure fuel supply for the domestic market, they decided to keep the setting up level for the Fuel Price Stabilization Fund for petroleum products, except for diesel and kerosene products, and continue to not use the fund so that domestic petrol prices tend to fluctuate in line with the fluctuations of world gasoline prices.
