Price of E5RON92 gasoline increases slightly from November 1
The Inter-Ministry of Industry, Trade and Finance said that the price of E5RON92 gasoline, kerosene, and diesel oil would decrease slightly without the impact of exchange rate factors. The increase in exchange rates resulted in an increase in the base price of E5RON92 gasoline and kerosene, diesel, and retail prices of these commodities also surge from the afternoon of November 1.
According to the Inter-Ministry of Industry, Trade and Finance, the world petroleum market in the past 10 days has been influenced by factors such as China's increased application of Covid-19 prevention measures in Wuhan, an increase in exploitation and export of petroleum products in the US, the dollar's volatility.
Moreover, a fall in the US business activity has caused concerns about economic growth and many central banks of European countries raised interest rates to control inflation. These factors have impacted gasoline prices with an alternating increase and decrease but generally increase for RON95 gasoline, and fuel oil and decrease slightly for diesel, kerosene and RON92 gasoline.
In addition to the impact of world gasoline prices, the base price of domestic petroleum products continues to be affected by the continuously increasing USD/VND exchange rate at Vietcombank.
The average buying and selling exchange rate at Vietcombank on November 1, 2022, was VND24,346-VND24,879 a US dollar, an increase of VND518-VND520 per dollar compared to the operating period on October 21, 2022 after the State Bank of Vietnam on Monday widened the daily dollar-Vietnamese dong trading band to 5 percent from 3 percent to help boost the competitiveness of the country's export.
The State Bank has continuously adjusted the daily US dollar-Vietnamese dong trading band to increase the central exchange rate of the US dollar – Vietnamese dong from VND 23,688 a dollar on October 21, 2022 to VND23,697 a dollar on November 1, 2022.
To harmonize the interests of the participants in the petroleum market, and to encourage petroleum trading enterprises to ensure supply for the market, the inter-ministry decided to maintain the level of appropriation for the price stabilization fund for E5RON92 gasoline, kerosene, and diesel oil but reduce for RON95 gasoline and fuel oil to help reduce the retail prices of these items. At the same time, the inter-ministries do not spend the price stabilization fund for petroleum products.
Therefore, the price of E5RON92 gasoline was adjusted slightly to VND21,873 a liter, an increase of VND377 a liter, RON95-III gasoline to VND22,756 a liter, up VND412 a liter, diesel oil to VND25,070 a liter, up VND287 a liter, kerosene to VND23,783 a liter, up VND120 a liter, fuel oil 180CST 3.5S to VND14,082 per kg, up VND183 a liter.
