Gasoline increased by nearly 700 VND, setting a record of more than 30,000 VND/liter

The Inter-Ministry of Industry, Trade and Finance has just released information on the adjustment of gasoline prices, in which both types of gasoline have increased. Specifically, the price of gasoline E5 RON92 increased by 674 VND/liter, to 29,633 VND/liter; RON95 gasoline increased by 669 VND/liter to 30,657 VND/liter.

Meanwhile, the price of oil commodities tends to decrease. Diesel oil decreased by 1,097 VND/liter to 25,550 VND/liter. Kerosene fell 763 VND/liter to 24,400 VND/liter. Fuel oil decreased by 962 VND/liter to 20,590 VND/liter.

Thus, gasoline prices are at an all-time high.

This period, the inter-ministerial department does not set up a stabilization fund for gasoline, but only uses VND 100 for E5RON92 gasoline and VND 300/liter for RON95 gasoline. .

During the operating period on May 11, the Inter-Ministry of Industry, Trade and Finance adjusted gasoline prices in the direction of increasing all gasoline products. Specifically, gasoline E5RON92 increased by 1,491 VND/liter, the retail price was 28,959 VND/liter; RON95 gasoline increased by 1,554 VND/liter, the selling price was not higher than 29,988 VND/liter.

Similarly, the price of diesel oil increased by 1,120 VND/liter, sold at 26,650 VND/liter. Kerosene increased by 1,340 VND/liter, sold at 25,168 VND/liter. Particularly for mazut oil, the price remained unchanged, selling at no higher than VND 21,560/kg (stable compared to the current selling price).

The operator makes an appropriation for BOG Fund for E5 RON92 products at 100 VND/liter (last period was 300 VND/liter) and RON95 at 100 VND/liter (previous period was 400 VND/liter), oil diesel at 100 dong/liter, kerosene stopped making provision (previous period was 119 dong/liter) and fuel oil continued to not make provision.

Expenditure from BOG Fund for kerosene at 300 dong/liter (last period was not spent), fuel oil at 33 dong/kg (previous period was not spent), other petroleum products were not spent.

According to economic expert, Dr. Nguyen Bich Lam, former director of the General Statistics Office, gasoline costs account for about 3.52% of the total production costs of the whole economy. According to calculations, a 10% increase in gasoline prices will reduce GDP by about 0.5% – a rather large reduction, reflecting the very strong impact of gasoline price fluctuations on economic growth.

In addition, the domestic economy is highly dependent on imported raw materials from outside, with the proportion of cost of imported materials in the total cost of raw materials of the whole economy at 37%. When the world gasoline price increases, it will increase the price of imported and domestic raw materials.