What causes gasoline prices to increase, some by up to nearly 1,500 VND/liter?

The price of E5 RON 92 gasoline on the afternoon of June 19 increased by VND1,170/liter to VND20,630/liter; RON 95 gasoline increased by VND1,280/liter to VND21,240/liter. Similarly, diesel oil also increased by VND1,450/liter to VND19,150/liter, kerosene increased by VND1,410/liter to VND18,920/liter; meanwhile, fuel oil increased by VND1,180/kg to VND17,640/kg.

Thus, the domestic price of RON 95 gasoline has increased for 4 consecutive sessions after only one decrease. Currently, the price of this fuel is still at its lowest level in about 4 years, equivalent to June 2021. Since the beginning of the year, RON 95 gasoline has increased 14 times, decreased 11 times. Diesel has increased 13 times, decreased 11 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 June 12 to June 18) was affected by many factors.

The operator stated that the escalating conflict between Israel and Iran in the Middle East; the military conflict between Russia and Ukraine continues... The above factors have caused world oil prices to increase sharply in recent days.

In addition, the average price of finished petroleum products in the world between the two price management periods was 83.09 USD/barrel of RON 92 gasoline used to blend E5 RON 92 gasoline (up 6.34 USD/barrel, equivalent to an increase of 8.26%); RON 95 gasoline was 85.13 USD/barrel (up 6.46 USD/barrel, equivalent to an increase of 8.22%); diesel oil was 89.55 USD/barrel (up 8.05 USD/barrel, equivalent to an increase of 9.88%).

In this management period, the joint ministries continued not to set aside and not to 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 - Ministry of Finance said that the above oil price management plan aims to ensure that domestic oil price fluctuations are consistent with world oil price fluctuations.

At the same time, continue to maintain a reasonable price difference between E5 RON 92 biofuel and RON 95 mineral gasoline to encourage the use of biofuels according to the Government's policy, ensuring harmony of interests among market participants.

Source: https://dantri.com.vn/kinh-doanh/dieu-gi-khien-gia-xang-dau-tang-co-loai-tang-toi-gan-1500-donglit-20250620003028106.htm