What causes gasoline prices to increase simultaneously?

(Dan Tri) - Gasoline prices in the afternoon of July 10 increased again, RON 95 gasoline exceeded 20,000 VND/liter.

The price of E5 RON 92 gasoline on the afternoon of July 10 increased by VND210/liter to VND19,650/liter; RON 95 gasoline increased by VND190/liter to VND20,090/liter. Similarly, diesel also increased by VND430/liter to VND18,830/liter, kerosene increased by VND240/liter to VND18,370/liter. Fuel oil alone decreased by VND240/kg to VND15,560/kg.

After two consecutive declines, gasoline prices have increased again but are still at a four-year low, similar to June 2021. Since the beginning of the year, RON 95 gasoline has increased 16 times and decreased 13 times. Diesel has increased 15 times, decreased 13 times and remained unchanged once.

Explaining the reason for the price adjustment, the management agency said that the world oil market during this adjustment period (from July 3 to July 9) was affected by many factors.

The operator stated that escalating tensions in the Red Sea region, information about the US's new import tax policy on goods from trading partners, increasing US crude oil inventories, and the ongoing military conflict between Russia and Ukraine... The above factors have caused world oil prices to fluctuate up and down depending on the item in recent days.

In addition, the average price of finished petroleum products in the world between the two price management periods was 78.91 USD/barrel of RON 92 gasoline used to blend E5 RON 92 gasoline (up 1.08 USD/barrel, equivalent to an increase of 1.4%); RON 95 gasoline was 80.47 USD/barrel (up 0.85 USD/barrel, equivalent to an increase of 1.07%); diesel oil was 89.29 USD/barrel (up 2.37 USD/barrel, equivalent to an increase of 2.72%).

In this management period, the joint ministries continued not to set aside or spend the price stabilization fund for all gasoline and oil products.

Faced with the developments in world oil prices, fluctuations in the VND/USD exchange rate and current regulations, the Ministry of Industry and Trade and the Ministry of Finance jointly said that the above oil price management plan aims to ensure that domestic oil price fluctuations are consistent with world oil price fluctuations.

Source: https://dantri.com.vn/kinh-doanh/dieu-gi-khien-gia-xang-dau-dong-loat-tang-20250711004332472.htm