Gasoline prices "reverse", oil prices increase sharply and new biofuel roadmap proposed

Gasoline prices slightly decreased, oil prices increased sharply on the afternoon of September 11. The Ministry of Industry and Trade proposed a roadmap for E10 biofuel from 2026, aiming for E15 in 2031.

Gasoline drops slowly, oil increases continuously

On the afternoon of September 11, the Ministry of Industry and Trade and the Ministry of Finance announced new retail prices for gasoline. The price of RON 95 gasoline decreased by VND30/liter, down to VND20,400/liter. Meanwhile, E5 RON 92 gasoline also decreased by VND100/liter, down to VND19,750/liter.

Mixed fluctuations occurred in oil prices. Diesel increased by VND170/liter to VND18,640/liter. Kerosene also increased by VND50/liter to VND18,360/liter. Fuel oil alone decreased by VND280/kg to VND15,090/kg.

Since the beginning of the year, the price of RON 95 gasoline has increased 21 times and decreased 17 times, while diesel has experienced 19 increases, 17 decreases and one unchanged time. This complexity clearly reflects the unpredictable developments of world oil prices, which are affected by many factors such as geopolitical situations, supply from OPEC+ countries and global consumption demand.

During this adjustment, the regulatory agency did not set aside or use the petrol price stabilization fund. By the end of the first quarter, the fund still had more than VND6,079 billion, of which Petrolimex alone held more than VND3,082 billion.

All gasoline will switch to E10 from 2026?

Besides the price story, another important information that has attracted special attention from the public is the proposal of the Ministry of Industry and Trade on a roadmap for mandatory application of biofuel nationwide. This is considered a strategic step towards reducing dependence on fossil fuels and promoting sustainable development.

According to the draft, the roadmap is divided into two distinct phases:

Phase 1 (2026-2030): All gasoline sold on the market will be E10 gasoline (gasoline mixed with 10% ethanol).

Phase 2 (from 2031): All gasoline will be upgraded to E15 or a higher blending ratio.

Currently, domestic gasoline consumption is estimated at 12-15 million m³ per year, requiring a demand for blended ethanol of up to 1.2-1.5 million m³ per year. However, domestic ethanol production capacity is only about 450,000 m³ per year, equivalent to 40% of demand. The rest will have to be imported.

Previously, the two largest key enterprises, Petrolimex and PV Oil, had piloted the sale of E10 gasoline at some stores in Ho Chi Minh City, Hanoi and Hai Phong. When selling E10 RON 95, these stores will stop selling E5 RON 92.

The transition to biofuel is expected to help reduce greenhouse gas emissions and open up great opportunities for the domestic ethanol industry. However, the challenge is how to improve production capacity, build a synchronous distribution system and especially change people's consumption habits.

Source: https://baodanang.vn/gia-xang-quay-xe-dau-tang-manh-va-de-xuat-lo-trinh-xang-sinh-hoc-moi-3301582.html