Domestic gasoline prices today (February 29) are managed by the Ministry of Industry, Trade and Finance in an upward direction, while oil prices decrease.
Based on the operation of the Ministry of Industry, Trade and Finance, businesses simultaneously adjusted gasoline prices from 3:00 p.m. today.
Accordingly, the price of E5 gasoline increased by 280 VND/liter, the selling price is 22,750 VND/liter. RON95 gasoline price increased by 330 VND/liter, selling price is 23,920 VND/liter.
Diesel price decreased by 140 VND/liter, selling price is 20,770 VND/liter.
Thus, from the beginning of the year until now, gasoline prices have increased 6 times and decreased 3 times.
In the most recent gasoline price management period (February 22), gasoline prices were simultaneously adjusted downward. Accordingly, each liter of gasoline decreased by 320-360 VND, diesel and kerosene products also decreased by 300-450 VND/liter.
Gasoline prices are adjusted up. Photo: Nguyen Hue
At today’s executive session, the Ministry of Finance – Industry and Trade did not set aside nor spend the Stabilization Fund for most types of gasoline, except for fuel oil, which spends 300 VND/liter.
The residual capacity of the Petroleum Price Stabilization Fund of some key enterprises is recording a large positive level due to the fact that in many recent operating periods, the executive agency has rarely used the Fund.
As of February 22, Petrolimex recorded a Stabilization Fund balance of VND 3,063 billion; Saigon Petro has a Stabilization Fund balance of 327 billion VND, Petimex has a Stabilization Fund balance of 459 billion VND…
On the world market, Russia’s RBK Daily on February 27 quoted Russian government sources and Prime Minister Mikhail Mishustin’s spokesman as confirming that Mr. Mishustin had approved the decision to ban the export of gasoline and diesel in 6 months, starting from March 1 to ensure enough supply for the domestic market during high demand periods.
The move could also negatively impact the world market amid concerns about supply, in the context of a decline in US oil refining operations and difficulties in transporting fuel because of tensions in the Red Sea region. However, analysts are cautious when warning about the risk of increasing gasoline prices globally.
