Gasoline prices drop
Vietnam gasoline prices fell Thursday afternoon amid a decline global fuel prices, driven by expectations of rising supply.
Gasoline prices have fallen across Vietnam, with E10 RON95 dropping by 2.32% to VND22,320 (US$0.85) per liter and E5 RON92 decreasing by 2.95% to VND21,720. Diesel prices also decreased slightly by 0.29% to VND27,540. This downward trend in fuel prices is attributed to the expectation of improved oil supply if tensions between the U.S. and Iran ease, coupled with a rise in U.S. crude oil inventories.
The drop in global oil prices has been influenced by a potential easing of tensions between the U.S. and Iran, as well as an increase in U.S. crude oil stockpiles. However, recent conflicts in the Middle East have impacted fuel imports for Vietnam's petroleum wholesalers. Despite this, stronger demand for fuel in certain regions has put pressure on supply, leading wholesalers to temporarily limit sales volumes.
Standing Deputy Prime Minister Pham Gia Tuc has directed the Ministry of Industry and Trade to closely monitor the petroleum market, evaluate supply, demand, and inventory levels, and ensure there are no fuel shortages. Additionally, the ministry has tasked petroleum wholesalers with proactively securing supplies, maintaining consistent sales, and reporting the supply situation to the Prime Minister’s office.
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