Fuel prices cut for second consecutive week

Fuel prices cut for second consecutive week

Retail fuel prices in Việt Nam were reduced from 3pm on Thursday, marking a second consecutive weekly decline under a decision by the Ministry of Industry and Trade and the Ministry of Finance.

The steepest decrease was recorded for E5RON92 biofuel.

Under the latest price adjustment, the two ministries allocated funds from the Petroleum Price Stabilisation Fund, sourced from temporary state budget advances, at rates of VNĐ500 per litre for biofuel, VNĐ300 per litre for diesel and VNĐ300 per kilogramme for mazut.

Accordingly, the retail price of E5RON92 was capped at VNĐ21,784 (0.83 US cent) per litre, down VNĐ1,474 from the previous ceiling price.

Diesel 0.05S was reduced by VNĐ785 to a maximum of VNĐ26,866 per litre, while mazut 180CST 3.5S fell by VNĐ797 to VNĐ19,645 per kilogramme.

Meanwhile, the selling price of E10RON95 gasoline continues to be determined by fuel distributors based on ethanol input costs, gasoline base prices, logistics expenses, taxes and regulated profit margins.

At Petrolimex, E10RON95-III is currently sold at VNĐ22,330 per litre and E10RON95-V at VNĐ23,230 per litre.

The Ministry of Industry and Trade said it would continue coordinating with relevant authorities to monitor compliance by fuel traders in ensuring adequate market supply and would strictly handle any violations.

The ministry and the Ministry of Finance are also closely tracking global market developments and will propose price stabilisation measures to the Government when necessary.

According to the ministry, global fuel prices during the latest adjustment period were influenced by developments surrounding negotiations between the US and Iran, ongoing tensions between the two countries and the continuing conflict between Russia and Ukraine.

These factors caused refined petroleum product prices to fluctuate across different fuel categories.

The ministry noted that Việt Nam’s fuel prices remain lower than those in neighbouring countries. As of Thursday, retail gasoline prices stood at VNĐ21,784 per litre in Việt Nam, compared with VNĐ34,664 in Thailand, VNĐ31,731 in Cambodia, VNĐ37,121 in Laos and VNĐ35,667 in China. 

bizhub