From 15:9 p.m. on May 5, all types of gasoline and oil will have their prices drastically reduced compared to the current retail price. In particular, gasoline prices decreased by more than 1.400 VND/liter, oil prices decreased by a maximum of 840 VND/liter.
During the executive period on May 9, the Ministry of Industry, Trade and Finance decided not to set aside or use the Petroleum Price Stabilization Fund for all petroleum products.
Accordingly, E5 RON 92 gasoline decreased by 1.290 VND/liter to 22.620 VND/liter, RON 95 III gasoline decreased by 1.410 VND/liter to a new price of 23.540 VND/liter.
Diesel, kerosene and fuel oil also decreased by 760 VND, 840 VND and 160 VND respectively to new prices of 19.850 VND/liter, 19.700 VND/liter and 17.500 VND/kg.
The decision to adjust and reduce gasoline prices was made in the context of the world petroleum market from May 2-8, influenced by factors such as increased US commercial crude oil inventories and a stronger USD. putting pressure on global oil demand, the military conflict between Russia and Ukraine continues, hopes for ceasefire negotiations in the Gaza Strip between Israel and Hamas... These factors cause world petroleum prices to increase. In recent days, developments have increased and decreased depending on each item, but the main trend is down.