Retail gasoline and oil prices both increased at 7:00 PM on January 30, two days earlier than the normal cycle. According to the 10-day cycle, January 21-30 (Lunar New Year) was the adjustment day for gasoline prices, but due to the holiday, the regulatory agency postponed it to February 11 (two days earlier than the regulation).

However, due to the recent global oil and gasoline trends and domestic market fluctuations, the agency reported to and received approval from the Prime Minister to adjust the retail prices earlier than the regulation. Thus, from 7:00 PM on January 30, the price of RON 95-III (a popular type on the market) increased by 990 dong per liter to 23,140 dong. E5 RON 92 also increased by 970 dong to 22,320 dong per liter. Oil products also increased in price. Diesel rose by 890 dong to 22,520 dong per liter; kerosene was 22,570 dong (increased by 770 dong), and mazut was 13,930 dong per kg (increased by 570 dong from the previous adjustment on January 11). 

At today's operation, the management continues not to draw from the Price Stabilization Fund but increases the level of spending from this fund for gasoline. As a result, the spending level for RON 95-III increased from 103 dong in the operation on January 11th to 950 dong; E5 RON 92 increased from 121 dong to 850 dong.

For oil products, the spending level from the fund remains 0 dong, and the level of withdrawal from the fund is reduced to 200 dong per liter, kg.

According to the Ministry of Industry and Trade - Finance, the global oil market has strongly increased in prices from mid-January to now due to the impact of factors such as China's reopening of its economy, the West's reaction to Russia's oil price adjustment, and the weakened USD combined with OPEC+'s forecast to maintain production cuts in the context of increasing demand...

Translation: At today's operation, the management continued not to withdraw from the Price Stabilization Fund, but increased spending on gasoline from this fund. As a result, spending on RON 95-III increased from 103 dong on January 11th to 950 dong, and spending on E5 RON 92 increased from 121 dong to 850 dong. The spending from the fund for oil products remains 0 dong and the withdrawal from the fund has been reduced to 200 dong per liter. The global oil market has experienced a strong increase in prices from mid-January to the present due to various factors such as China's reopening of its economy, the West's reaction to Russia's oil price adjustment, and a weakened USD combined with OPEC+'s forecast to maintain production cuts.

The average price of petroleum products in the world increased 7-11.5% from January 11th to January 30th. For example, each barrel of RON 95 increased by more than 11%, reaching nearly 102.27 USD; diesel also increased by about 7.8%, reaching about 117 USD per barrel; or gasoline was 117.7 USD per barrel, up 7.3%.

On the occasion of the Lunar New Year 2023, the domestic fuel market showed a scene of gasoline stations in various locations, such as Hai Phong, Hanoi, Ha Nam, An Giang ... hanging out of stock signs, or "Lunar New Year holidays" due to employees taking a holiday. For example, in Ho Chi Minh City, market management statistics show that tens of gasoline stations closed down during the Lunar New Year.

Market management believes that gasoline station closures are not due to a shortage of supplies, but largely due to the lack of retail staff on Lunar New Year.

On the side of retail businesses, they say that in addition to being affected by the Nghi Son oil refinery incident before the Lunar New Year, the management agency did not adjust the gasoline prices on Lunar New Year's Eve and shifted the price adjustment cycle to after the Lunar New Year, on February 1st, while the world oil price was fluctuating strongly, causing the discount (commission) to be very low, even 0, making them incur losses in business.