Near the Lunar New Year 2024, gasoline and oil prices suddenly dropped sharply

From 3:00 p.m. on February 1, 2024, prices of gasoline and oil products will be adjusted in a downward direction from 290 to 900 VND depending on the type of product.

According to the Ministry of Industry, Trade and Finance, in this adjustment period, each liter of E5 Ron 92 gasoline is reduced by 790 VND and 900 VND for Ron 95 gasoline. Diesel and kerosene products are also adjusted differently, specifically:

  • Ron 95 gasoline is reduced by 900 VND/liter, the selling price is not higher than 23,260 VND/liter
  • E5 Ron 92 gasoline reduced by 790 VND/liter, selling price no more than 22,120 VND/liter
  • Diesel reduced by 290 VND/liter, selling price no higher than 20,700 VND/liter
  • Kerosene reduced by 340 VND/liter, selling price no higher than 20,580 VND/liter
  • Fuel oil reduced by 490 VND/liter, selling price no higher than 15,590 VND/kg

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This is the 5th operating period and also the first reduction since the beginning of 2024. Today’s operating period, the inter-Ministry continues to not deduct or spend from the Petroleum Price Stabilization Fund.

The operator said that the world petroleum market increased in the past 7 days due to the impact of information about the ceasefire in Gaza, the conflict in the Red Sea, increased petroleum inventories in the US, and oil refinery fires in the US. Russia and China’s economy are facing difficulties… These factors cause world petroleum prices to fluctuate up and down, with an average decrease of 1.36 – 4.16% per 7 days.

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