Fuel Prices Drop as Global Oil Prices Take a Hit
The joint ministerial decision has led to a decrease in E5RON92 gasoline prices by 254 VND per liter, settling at 19,354 VND per liter, while RON95-III gasoline witnessed a reduction of 190 VND per liter, now priced at 19,884 VND per liter.
Fuel prices witness a decline during today’s adjustment session.
A similar trend was observed in the prices of oil products. Diesel 0.05S experienced a drop of 723 VND per liter, now priced at 18,077 VND per liter. Meanwhile, kerosene prices dipped by 640 VND per liter, settling at 18,020 VND per liter. Mazut 180CST 3.5S saw a decrease of 379 VND per kg, now retailing at 15,268 VND per kg.
For this adjustment period, the Ministries continue to forgo the use of the Fuel Price Stabilization Fund for all products.
The new base prices will be effective until the next announcement by the Ministry of Industry and Trade. Enterprises are required to adjust their prices in accordance with current regulations stipulated in the decrees and circulars on gasoline and oil business management and the use of the Fuel Price Stabilization Fund.
With this reduction, domestic fuel prices have reversed course after two consecutive increases. Since the beginning of the year, RON 95 gasoline has witnessed 18 hikes and 16 dips.
A week ago, on August 7, at 3:00 PM, the Ministries of Industry and Trade and Finance decided to increase gasoline prices and decrease oil prices, with the exception of mazut.
Fuel Prices Respond to Plummeting Global Oil Prices
The global oil market during this adjustment period was influenced by several key factors, including: the US delaying higher tariffs on Chinese imports; anticipated talks between the US and Russian presidents to end the conflict in Ukraine; OPEC+’s decision to boost oil output in September; and the ongoing military conflict between Russia and Ukraine.
These factors collectively contributed to a general downward trend in global oil prices over the past few days.
In the early hours of August 14, oil trading platforms such as Tranding Economics and Oilprice recorded a further decline in global oil prices.
Specifically, at 6:23 AM (Vietnam time) on Tranding Economics, WTI oil traded at $62.8 per barrel, down $0.37 or 0.6% from the previous day. Brent crude oil traded at $65.8 per barrel, a decrease of $0.26 or 0.4% from the previous day’s price.
Global oil prices in August witnessed a significant drop compared to the previous month, with WTI falling by 6.2% and Brent by 4.8%. Year-on-year, oil prices have decreased by over 17% to 18%.
According to Tranding Economics, Brent crude oil futures fell to $65.6 per barrel, the lowest level in more than two months, after the International Energy Agency predicted an increase in oil surpluses this year and the next.
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The decision to increase gasoline prices and decrease diesel prices, with the exception of mazut, was made by the Ministries of Industry and Trade and Finance on August 7th at 3 pm.
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