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Gasoline declines, oil climbs contrary to predictions

by SGGP News06 September 2022 Last updated at 08:00 AM

Gasoline prices unexpectedly drop but oil prices climb on September 5. (Photo: SGGP)
Gasoline prices unexpectedly drop but oil prices climb on September 5. (Photo: SGGP)

Contrary to the predictions, gasoline prices decreased slightly, but oil prices increased at the adjustment on the afternoon of September 5.

The ministries of Industry and Trade and Finance said that after setting aside and not using the Fuel Price Stabilization Fund, from the afternoon of September 5, the price of E5 RON92 gasoline was only VND23,359 per liter, down VND366, and that of RON95-III gasoline was VND24,230 per liter, down VND439.

Meanwhile, the price of diesel oil climbed to VND25,188 per liter, up VND1,429 per liter; that of kerosene surged to VND25,445 per liter, up VND1,389 per liter; fuel oil 180CST 3.5S alone decreased by VND471 per kilogram.

According to the ministries of Industry and Trade and Finance, in this adjustment, the base prices of gasoline and fuel oil dropped slightly, while those of diesel oil and kerosene products rallied strongly.

To support people's lives and the production and business activities of enterprises, the ministries decided to stop setting up the Fuel Price Stabilization Fund for diesel oil and kerosene products, and at the same time, start using the fund for these products, after not spending in many previous adjustments, to curb the high increase in the prices of diesel oil and kerosene products.

The setting up level of the fund for gasoline and fuel oil products was kept unchanged to reduce their prices following the downward trend of global market prices.

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