RON 95-III gasoline, a common type on the market, increased by 40 dong, reaching 18,880 dong per liter. Similarly, E5 RON 92 also rose by 100 dong, with a new price of 18,430 dong.

Oil products also saw increases of 220-520 dong per liter or kilogram compared to the previous adjustment period. Specifically, diesel and kerosene each rose to 18,450 dong and 18,390 dong per liter, respectively.

Fuel and oil price changes are as follows:

Unit: dong/liter or kg, depending on type

The Ministry of Industry and Trade stated that the global fuel market has been influenced by several factors in recent days. These include tensions between the US and Iran, a sharper-than-expected decline in oil inventories in the world's largest economy, and a depreciating US dollar.

Consequently, global fuel prices showed an upward trend compared to the previous period. The average price for RON 95 gasoline increased by 1,7% to 73,6 USD per barrel; diesel oil rose by 3,4%, and fuel oil by 7,5%.

An amended decree on fuel business is expected to be issued in February. This decree will empower businesses to manage prices, ensuring balance across various costs and the supply of fuel in different regions. Fuel prices will fluctuate according to global developments, with an appropriate adjustment cycle.

Furthermore, the fuel price stabilization fund will be consolidated into a State account, kept off-budget. Currently, this fund is held by businesses in separate accounts. The Ministry of Industry and Trade, along with other ministries and sectors, will develop a plan for fuel price stabilization. The Prime Minister will approve the plan and criteria for using the fuel price stabilization fund.

According to the roadmap, E10 biofuel will be implemented nationwide starting 1/6. The Ministry of Industry and Trade stated it will allocate supply to businesses and inspect the production, blending, and infrastructure for biofuel consumption in March and April.

Phuong Dung