Gasoline prices fell across the board on the 4th day of Lunar New Year

Today's gasoline price, from 3:00 p.m. on February 1, 2025, each liter of E5 RON 92 gasoline decreased by 201 VND/liter, RON 140 gasoline decreased by 78 VND/liter; oil price decreased sharply.

The Ministry of Industry and Trade - Ministry of Finance has just adjusted the retail price of gasoline in the adjustment period today (February 1). The effective time is from 3:00 p.m. on February 1, 2025.

Today's gasoline prices, from 3:00 p.m. on February 1, 2025, each liter of E5 RON 92 gasoline decreased by VND201/liter, RON 140 gasoline decreased by VND78/liter; oil prices decreased sharply. Photo: VNA

Specifically, the price of E5 RON 92 gasoline decreased by VND201/liter, down to VND20,391/liter; RON 95 gasoline decreased by VND140/liter, down to VND21,002/liter.

The price of 0.05S diesel oil decreased by VND948/liter, down to VND19,246/liter; kerosene oil decreased by VND671/liter, down to VND19,439/liter; and 180CST 3.5S mazut oil decreased by VND250/kg, down to VND17,502/kg.

In this operating period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

According to the Ministry of Industry and Trade, the average price of finished petroleum products in the world between the price adjustment period on January 23, 2025 and the adjustment period on February 1, 2025 is: 84.534 USD/barrel of RON92 gasoline used to blend E5RON92 gasoline (down 0.184 USD/barrel, equivalent to a decrease of 0.22%); 86.838 USD/barrel of RON95 gasoline (down 0.190 USD/barrel, equivalent to a decrease of 0.22%); 93.208 USD/barrel of kerosene (down 3.268 USD/barrel, equivalent to a decrease of 3.39%); 93.290 USD/barrel of 0.05S diesel oil (down 4.836 USD/barrel, equivalent to a decrease of 4.93%); 489,698 USD/ton of 180CST 3.5S fuel oil (down 5,800 USD/ton, equivalent to a decrease of 1.17%).

On the world market at 6am this morning (Vietnam time), Brent oil price increased by 20 cents (0.27%) to 73.39 USD/barrel. WTI oil price increased by 50 cents, equivalent to 0.71%, to 70.58 USD/barrel. During the session, there was a time when both benchmark oil products increased by more than 1 USD.

Reuters cited data from the US Energy Information Administration (EIA) as saying that in the week ending December 13, US crude oil and distillate inventories fell by 900,000 barrels and 3.2 million barrels, respectively. Meanwhile, gasoline inventories increased by 2.3 million barrels. This crude oil inventory level is five times lower than the 4.7 million barrel inventory reduction reported by the American Petroleum Institute a day earlier.

Also according to the EIA, total supply, which represents demand, was 20.8 million barrels per day, up 662,000 barrels per day from the previous week. According to analysts, the market seems to have completely turned around from all the negativity that happened a few weeks ago because there is more optimism about demand.

According to Decree No. 80/2023/ND-CP amending and supplementing a number of articles of Decree No. 95/2021/ND-CP dated November 1, 2021 and Decree No. 83/2014/ND-CP dated September 3, 2014 of the Government on petroleum trading, the time for managing petroleum prices will be shortened from 10 days to 7 days, implemented every Thursday.

In case the price management period coincides with the Lunar New Year holiday, it will be implemented as follows: If Thursday falls on the last day of the Lunar New Year (29 or 30 of Lunar New Year), the petrol price management will be implemented on the preceding Wednesday.

If Thursday is the 1st, 2nd or 3rd day of Tet, the petrol price adjustment period will be implemented on the 4th day of Tet.

Thus, Thursday, January 30, 2025 is a Lunar New Year holiday (the 2nd day of the Lunar New Year). Therefore, the management of gasoline prices immediately after the management period on January 23, 2025 will be implemented on Saturday, February 1, 2025 (the 4th day of the Lunar New Year).

In the price adjustment period on January 23, the price of each liter of RON 95-III gasoline decreased by VND80 to VND21,210/liter; the price of E5 RON 92 gasoline decreased by VND160 to VND20,590/liter.

On the contrary, oil prices increased simultaneously. Diesel 0.05S price is 20,190 VND/liter, up 410 VND/liter; kerosene is 20,110 VND/liter, up 410 VND/liter.

Currently, gasoline prices have been adjusted 5 times since the beginning of 2025, in which gasoline prices have decreased 2 times and increased 4 times. Meanwhile, oil prices have continuously increased. This development of the domestic market is due to fluctuations in world prices of finished gasoline and oil products.

Source: https://congthuong.vn/gia-xang-dau-dong-loat-giam-ngay-mung-4-tet-nguyen-dan-371837.html