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Friday, June 21, 2024

Local fuel prices inch down

The Saigon Times

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HCMC – Domestic fuel prices fell by VND450-950 per liter or kilogram starting from 3 p.m. today, August 1, according to an announcement jointly issued by the ministries of Industry-Trade and Finance.

The RON95-III gasoline now sells for VND25,600 per liter, down by VND470, while bio-fuel E5 RON92 fell by VND450 to VND24,620 per liter.

Diesel oil now costs VND23,900 per liter, dropping VND950, and kerosene is priced at VND24,530, falling by VND710. Meanwhile, the price of heavy fuel oil remains unchanged at VND16,540 per kilogram.

Compared to late June, the prices of RON95-III gasoline and bio-fuel E5 RON92 were reduced by some VND7,270 and VND6,680 per liter, respectively. The price of diesel oil also dropped by VND6,110 per liter.

The two ministries in this fuel price adjustment decided to impose a surcharge on all the fuels to replenish the national fuel price stabilization fund. The surcharge on the bio-fuel is VND800 per liter. The extraction levels for each liter or kilogram of RON95-III, diesel oil, kerosene, and heavy fuel oil were VND850, VND450, VND650, and VND787, respectively.

According to the ministries, the price of petroleum products in the world has slid over the past 10 days. On average, each barrel of RON92 petrol, the material for E5 RON92 production, fell 1.22% to US$110.63. Each barrel of RON95 gasoline is valued at US$114.45, down 1.54%. Diesel oil plunged by nearly 4% at US$130.51 per barrel.

The local retail prices have slid for four times in a row after surging constantly since the beginning of the year. However, the prices of essential goods and services have not dropped accordingly.

Recently, the prime minister asked the ministers and the chairpeople of provinces and cities to jointly review and control the prices of goods and services to prevent hoarding, speculation, and unreasonable price hikes.

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