Petrol and Oil Prices Continue to Decline

From 3:00 p.m. today, domestic petrol and oil prices, except for fuel oil, will all decrease, in line with movements in global energy markets.

Under the latest adjustment announced by the inter-ministerial management team, the price of E10 RON 95-III petrol will fall by VND 210 to VND 22,110 per liter. Meanwhile, E5 RON 92 petrol will decrease by VND 490 to VND 21,230 per liter.

The price of diesel will decline by VND 310 per liter to VND 27,230 per liter. In contrast, fuel oil (mazut) will rise by VND 360 to VND 16,750 per kilogram.

The Ministry of Industry and Trade and the Ministry of Finance said global oil markets in recent days have been influenced by developments surrounding negotiations on the reopening of the Strait of Hormuz, as well as downward revisions by OPEC and the International Energy Agency (IEA) to their forecasts for oil demand growth this year.

These factors have caused global fuel prices to fluctuate, with different products moving in different directions. Specifically, RON 95 used for blending E10 RON 95 fell by nearly 2% to USD 111.70 per barrel, while diesel declined by 1.1% to USD 151 per barrel. Meanwhile, fuel oil increased by 3.3% to USD 558 per tonne.

According to the inter-ministerial authorities, following the latest adjustment, petrol prices in Vietnam are currently around VND 4,600–22,000 per liter lower than those in neighboring countries.

Petrol prices in Cambodia and Thailand are currently around VND 26,800–28,400 per liter. In China, prices are above VND 32,000 per liter, while Laos has the highest price, at more than VND 44,000 per liter.

Similarly, following today's adjustment, diesel prices in Vietnam are approximately VND 1,200–9,900 per liter lower than those in these markets. Diesel prices are highest in Laos, at more than VND 37,000 per liter, while prices in Cambodia and China are around VND 29,000–31,000 per liter.

For this adjustment period, the authorities have stopped disbursements from the Petrol Price Stabilization Fund and will instead collect VND 200 per liter for biofuel and diesel products.

Updated Petrol and Oil Prices

Source: Phuong Dung