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Tag: diesel

  • Gasoline Takes a Dip while Diesel Climbs: Fuel Price Fluctuations Amid Global Tensions

    Gasoline Takes a Dip while Diesel Climbs: Fuel Price Fluctuations Amid Global Tensions

    On Thursday afternoon, fluctuations in global rates resulted in a decrease in gasoline prices and an increase in diesel prices. The popular gasoline variant, E10 RON95, saw a 2.01% drop pricing it at VND20,000 (US$0.76) per liter.

    Diesel Prices Rise as Biofuel Demand Increases

    Contrarily, diesel prices experienced a 2.73% surge, amounting to VND21,740. Despite the recent increase, the cost of diesel has seen a significant reduction, dropping by half from its peak price in April of this year. In addition, Biofuel E5 RON92 saw a 2.69% increase, bringing the price to VND19,190.

    Global fuel prices have been considerably influenced by recent tensions in U.S.-Iran relations, as reported by the Ministry of Industry and Trade and the Ministry of Finance. Over the last week, the price of RON95 fell 2.6% to $97.5 per barrel, while diesel prices increased 4.2% to $116.5 per barrel. The cost of Mazut also decreased by 1% to $428.3 per ton.

    Vietnam’s Fuel Consumption Trends

    Vietnam authorities have announced that they will continue to eliminate fuel-related taxes, excluding the special consumption tax, through the end of September. Following the widespread introduction of E10 gasoline just a month ago, Vietnam has reported a consumption of approximately 980 million liters of biofuel gasoline. Out of this total, E10 gasoline made up for 924 million liters or 96%.

    Questions & Answers

    What changes were observed in the fuel prices recently?
    Gasoline prices fell by 2.01%, while diesel prices increased by 2.73%.

    What factors are influencing the global fuel prices?
    The recent U.S.-Iran tensions have had significant impacts on the global fuel prices.

    What has been the consumption trend for biofuel gasoline in Vietnam?
    In the past month, Vietnam consumed around 980 million liters of biofuel gasoline, out of which E10 gasoline accounted for 96%.

  • Diesel Powers Up Osaka Presence with Bold, New Flagship Store Location

    Diesel Powers Up Osaka Presence with Bold, New Flagship Store Location

    Italian lifestyle label Diesel has upgraded its flagship store in Osaka, Japan, shifting to a more prominent location as part of its strategy for enhanced visibility in the city.

    Store Relocation and New Design Theme

    Diesel’s new Osaka home is situated in Quartz Shinsaibashi, a multi-purpose edifice in the bustling Shinsaibashi district. The two-tiered store exhibits a distinct popcorn concrete exterior and proudly displays the recognizable Diesel ‘Biscotto’ logo. This striking exterior design embodies Diesel’s robust and dynamic visual identity.

    The interior of the store mirrors Diesel’s renegade spirit, utilizing materials such as metal-board-covered walls to create an engaging graphic environment. Central to the store’s layout is an illuminated red staircase, a standout feature that gives the space a unique character.

    Retail and Product Expansion

    The store presents a clear division of Diesel’s product lines, with womenswear occupying the first floor and menswear on the second. The store also showcases a limited-edition denim capsule collection, giving customers access to exclusive product offerings.

    This redesign was driven by the brand’s aspiration to increase its prominence and to mirror the evolving artistic direction led by creative director Glenn Martins. Apart from this standalone flagship, Diesel operates several other outlets within department stores and malls across Osaka, including Daimaru Shinsaibashi and Hankyu Umeda.

    Questions & Answers

    Why did Diesel decide to relocate its flagship store in Osaka?
    Diesel relocated its flagship store in Osaka to enhance its visibility and presence in the city.

    What is unique about the new store’s design?
    The Diesel store features a popcorn concrete exterior with the brand’s iconic ‘Biscotto’ logo. The interior incorporates materials that embody Diesel’s rebellious spirit, including metal-board-covered walls and a standout red staircase.

    What does the store’s product inventory look like?
    The store is divided into two floors, with womenswear on the first floor and menswear on the second. It also offers a limited-edition denim capsule collection.

  • Vietnam Witnesses 4-Week Diesel Price Dip Amid Global Crude Oil Declines

    Vietnam Witnesses 4-Week Diesel Price Dip Amid Global Crude Oil Declines

    On Thursday, diesel prices in Vietnam experienced a significant drop of 5.8%, reaching VND31,040 (US$1.18) per liter. This is the lowest price point for diesel since March 20. Conversely, gasoline prices saw a minor increase. The most commonly used fuel, RON95, rose by 0.93% to VND23,760, while biofuel E5 RON92 saw a 1.12% increase to VND22,590.

    Global Crude Oil Benchmarks

    Internationally, there was a decline in the prices of the two primary crude oil benchmarks by 0.3% early Thursday. The Brent crude went for $94.6 per barrel, while U.S. WTI crude fell to $90.9. These price reductions occurred in response to investors’ expectation of a potential peace agreement between the United States and Iran.

    Fuel Subsidies in Vietnam

    The Vietnamese government maintained its fuel subsidy during this adjustment period, with VND400 per liter allocated for diesel and VND800 per liter or kilogram for gasoline and mazut. In addition, the government provided an extra VND8 trillion from the state budget as an advance for the subsidy fund.

    Government Tax Waivers

    In an effort to control inflation, lawmakers sanctioned tax waivers on fuel from April 16 to June 30. These waivers, which included the environmental protection tax, value-added tax, and special consumption tax, are anticipated to reduce state revenue by an average of VND7.3 trillion monthly.

    Although this will impact state revenue, the government dubbed this as a “special fiscal measure applied in exceptional circumstances.” This action is intended to lessen the effects of energy price variations and to help maintain macroeconomic stability and social security.

    Questions & Answers

    Why did diesel prices drop in Vietnam?
    Diesel prices in Vietnam fell by 5.8% due to fluctuations in the global market, coupled with the national fuel subsidy.

    How did the Vietnamese government respond to these changes in fuel prices?
    The Vietnamese government subsidized fuel during this adjustment period and allocated extra funds from the state budget for the subsidy fund.

    What are the expected impacts of the tax waivers approved by the lawmakers?
    The tax waivers on fuel are expected to decrease state revenue by an average of VND7.3 trillion per month. However, they aim to control inflation and maintain macroeconomic stability and social security.

  • Andrea Rigoglioso Climbs Corporate Ladder to CEO at Denim Giant Diesel, Marking Dynamic Leadership Shift

    Andrea Rigoglioso Climbs Corporate Ladder to CEO at Denim Giant Diesel, Marking Dynamic Leadership Shift

    Diesel, a denim brand owned by the OTB Group, has recently made strategic changes in its executive leadership, welcoming Andrea Rigogliosi as its new CEO. The move is part of the brand’s well-defined development strategy.

    New Leadership

    Rigogliosi will be reporting directly to Ubaldo Minelli, the CEO of the OTB Group. His appointment has been met with enthusiasm by the organization, with the founder of Diesel and chairman of the OTB Group, Renzo Rosso, extending a warm welcome to the new executive.

    Rosso expressed confidence in Rigogliosi’s abilities and stated, “Rigogliosi is joining Diesel at a critical juncture in the brand’s evolution. I am confident that, in collaboration with our team, he will significantly amplify Diesel’s potential.”

    Impressive Track Record

    Rigoglioso brings a wealth of leadership experience from the luxury, fashion, and retail sectors. His former role was global head of retail and commercial at Miu Miu, a part of the Prada Group. During this tenure, he successfully directed global business growth and boosted distribution expansion.

    His impressive career also includes top leadership roles within the LVMH Group. He served as the president of Europe at Fendi, and the General Manager at Christian Dior Couture for France & Monaco, as well as Italy. Further, his experience also includes managerial stints at Poltrona Frau Group and L’Oréal Luxury Products.

    A New Chapter for Diesel

    Rigoglioso’s appointment as CEO of Diesel fills a leadership void that was created in 2023, following Poletto’s departure. This change also followed Massimo Piombini’s three-year stint as CEO from 2020 to 2023.

    Questions & Answers

    Who has been appointed as the new CEO of Diesel?
    Andrea Rigogliosi has been appointed as the new CEO of Diesel.

    Who will Andrea Rigoglioso report to in his new role?
    Andrea Rigoglioso will report directly to Ubaldo Minelli, the CEO of the parent company, OTB Group.

    What does Andrea Rigoglioso bring to Diesel?
    Andrea Rigoglioso brings extensive leadership experience from the luxury, fashion, and retail sectors. He has previously held senior leadership positions at global brands like Miu Miu – Prada Group, LVMH Group, Poltrona Frau Group, and L’Oréal Luxury Products.

  • Vietnam’s Gasoline Prices Surge Amid Global Market Tensions, While Diesel Hits Six-Week Low

    Vietnam’s Gasoline Prices Surge Amid Global Market Tensions, While Diesel Hits Six-Week Low

    The cost of gasoline experienced a slight rise on Thursday afternoon, while the price of diesel continued to experience a significant decline. The widely used fuel, RON95, saw an increase of 2.3% from the previous week, resulting in a new price per litre of VND20,460, equivalent to USD 0.78.

    Biodiesel E5 RON92 saw a moderate increase of 2.8%, bringing its price to VND19,820. Contrary to the aforementioned fuels, diesel experienced a drop in price, falling 3% to VND18,890. This price marks the lowest cost for diesel in the last six weeks.

    Global Market Impact

    The global petroleum market has been influenced by various factors over the past week. Notably, escalating tensions between the U.S. and Venezuela have thrown this market into fluctuation. In addition to this, the inability of the U.S. and Russia to negotiate a resolution to the ongoing conflict in Ukraine has further affected the market, according to the Ministry of Industry and Trade.

    The price of RON95 increased by 2.9%, reaching $81.9 per barrel. Meanwhile, diesel prices fell by 2.7% to $86.1 per barrel.

    Questions & Answers

    What is the new price of RON95 and diesel?
    The new price of RON95 is USD 0.78 per litre, while diesel has fallen to VND18,890, equivalent to $86.1 per barrel.

    What factors have influenced the global petroleum market recently?
    The escalating tensions between the U.S. and Venezuela, and the ongoing conflict in Ukraine due to the failed agreement between the U.S. and Russia are the main factors influencing the global petroleum market.

    How has the price of biodiesel E5 RON92 changed?
    Biodiesel E5 RON92 has seen a moderate increase of 2.8%, resulting in a new price of VND19,820.

  • Fuel Frenzy: Vietnam’s Gasoline and Diesel Prices Tumble Amid Global Petroleum Market Fluctuations

    Fuel Frenzy: Vietnam’s Gasoline and Diesel Prices Tumble Amid Global Petroleum Market Fluctuations

    On Thursday, Vietnam saw a decrease in its petrol and diesel prices, following a surge in the previous week. The frequently-used fuel RON95 saw a 0.15% drop in price, falling to VND20,540 (US$0.78) per litre from its price the preceding Thursday.

    Fuel Price Declines

    Additionally, Biofuel E5 RON92, another widely used fuel in Vietnam, experienced a 0.20% price decrease, bringing its price down to VND19,800. Diesel, another key fuel type, mirrored this trend with a 0.20% price drop, taking its price to VND19,820.

    Global Influence on Fuel Prices

    The global petroleum market, within the last week, was influenced by several factors which had an impact on Vietnam’s fuel prices. The Ministry of Industry and Trade cited the OPEC+ agreement to marginally enhance oil production in December, coupled with the reopening of the U.S. government, as major influences.

    RON95’s global price fell by 0.3%, landing at $82.4 per barrel. Diesel, too, followed suit and saw a 0.3% dip to $93.35 per barrel.

    Questions & Answers

    What was the percentage drop in RON95’s price?
    The price of RON95 fell by 0.15% from the previous week.

    What caused the global petroleum market to be influenced in the past week?
    The global petroleum market was affected by several factors including OPEC+’s decision to slightly increase oil production in December and the reopening of the U.S. government.

    What was the new price for Diesel?
    Diesel’s new price was VND19,820, marking a 0.20% drop.

  • Diesel Blends Fashion and Coffee in Unique Retail-Cafe Combo: New Flagship Store Opens in Seoul

    Diesel Blends Fashion and Coffee in Unique Retail-Cafe Combo: New Flagship Store Opens in Seoul

    Diesel, a renowned fashion brand, has inaugurated its first multi-purpose flagship store in Hannam, Seoul. This novel endeavor by the brand integrates a retail section and a café space under one roof.

    A Unique Design

    The store is housed within a two-story structure enveloped by a striking red glass facade that expands over 20 meters. Diesel’s signature is prominently displayed on the exterior. The interior design is marked by the use of concrete surfaces, artistic furniture pieces, and a spiraling staircase, providing a modern industrial vibe.

    Retail & Customization

    One half of the store’s floor space is dedicated to the retail segment. Here, customers can explore Diesel’s latest ready-to-wear, denim, and accessories collections. The store also features a special area where customers can personalize their denim pieces in line with their preferences.

    Café Experience

    The Diesel Café, adjacent to the retail section, was created in collaboration with Anthracite Coffee, a local Korean roaster. The café shares the store’s industrial design aesthetics, and introduces a gastronomic element to the shopping experience.

    Exclusive Collection

    Complementing the store’s launch, Diesel released a unique capsule collection exclusively available at the Hannam locale. This collection comprises four unisex items: a hoodie, two T-shirts, and a cap, all adorned with logo patchwork details.

    The introduction of this flagship store marks an important step in Diesel’s expansion strategy in Asia, coming after the recent reopening of its Tokyo Shibuya store, which was also conceptualized under the creative direction of Glenn Martens.

    Questions & Answers

    What is unique about the new Diesel store in Hannam, Seoul?
    The new Diesel store in Hannam, Seoul, is unique because it features both a retail and café space under one roof, a first for the brand in South Korea.

    What are the features of the Hannam store?
    The Hannam store is characterized by a red glass facade, an interior marked by concrete surfaces and artistic furniture, a retail section for Diesel’s collections, a customization area for denim, and a café developed in partnership with a local Korean roaster.

    What exclusive offerings are available at the Hannam store?
    Diesel has released an exclusive capsule collection of four unisex items, including a hoodie, two T-shirts, and a cap, available only at the Hannam store.

  • Despite Market Downturn, Diesel And Otb Group Increase Investment In China

    Despite Market Downturn, Diesel And Otb Group Increase Investment In China

    Italian denim icon Diesel and its parent company, OTB Group, are optimistic about the Chinese market and planning to increase their investments, according to founder and chairman Renzo Rosso.

    Investing in a Down Market

    Rosso, who was visiting China to mark Diesel’s 20th anniversary in the market, revealed that he continues to invest in the country despite a downward trend. As part of the strategic move, the company is reevaluating its retail footprint by closing some stores and opening new ones at better locations.

    “I am positive. I think if the market is going like this, it can be an opportunity because we can have a better space available for a better price that wasn’t available before,” Rosso stated. “My vision right now is to invest in the country. I believe in the country; it is so big, so important.”

    Faith in the Chinese Market

    While enjoying dinner with a panoramic view of Shanghai’s famous skyline, Rosso expressed his satisfaction with the company’s performance. “This year, we are doing well compared to the market. Everybody is minus, we are a little plus, so we are quite happy,” he said.

    Despite concerns about a long-term property market crisis and fears over job security and wage growth, China’s consumer demand remains a focal point for global brands. Luxury and high-end sectors particularly rely on Chinese nationals, who account for approximately one-third of global purchases.

    Market Impact

    Rosso’s optimism reflects the importance of China to the luxury market. Recent signs of improving Chinese demand have led to a significant market rally for the sector.

    OTB Group, also known as Only the Brave, houses luxury brand Jil Sander among others. In 2024, the group reported a total turnover of 1.8 billion euros ($2.11 billion), marking a dip of 4.4%.

    Despite postponing plans for a public listing that was originally scheduled for this year until 2026, Rosso doesn’t seem to be in a hurry. “First of all, I don’t need the money, I am cash positive,” he said. “There’s no rush, it can be one year, two years, I don’t care. If I feel good, then yes.”

    Questions & Answers

    Why is OTB Group optimistic about the Chinese market?
    OTB Group sees the current state of the Chinese market as an opportunity to secure better retail spaces at a more affordable price, given the downward market trend.

    What is the significance of the Chinese consumer market to global brands?
    Chinese nationals account for approximately one-third of global purchases, making China’s consumer demand highly crucial for global brands, especially those in the luxury and high-end sectors.

    What are OTB Group’s future plans regarding a public listing?
    Rosso, the founder and chairman of OTB Group, has postponed plans for a public listing and stated that there is no rush. It could happen in one year or two years, depending on when he feels the time is right.

  • Diesel hits 6-week low, gasoline steadies

    Diesel hits 6-week low, gasoline steadies

    Vietnam’s gasoline prices inched up while diesel dropped to a six-week low Thursday afternoon.

    The popular fuel RON95 gained 0.15% to VND20,590 (US$0.81) per liter.

    Diesel dropped 0.71% to VND18,250.

    Regulators said that fuel prices in the last seven days were affected by rising geopolitical tension in the Middle East, ongoing conflict between Russia and Ukraine, and OPEC+’s reduced oil demand growth forecast for 2025.

    Gasolines went up 0.2% while oils fell 0.8-4.3% in the period. RON95 is now at $84.1 per barrel and diesel at $86.9.

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  • Diesel price continues to rise

    Diesel price continues to rise

    Diesel price went up 1.81% to VND23,050 per liter on Monday, continuing its climb, which began four months ago.

    The fuel has seen its price increase by over 30% since May 11.

    Authorities said that fuel prices have been fluctuating amid concerns about tightened fuel supply after Russia extended its production cut as OPEC+ countries continued to scale down production, while China’s demand recovery has been slower than expected.

    RON92 gasoline fell 0.1% to $103,14 per barrel last week, while RON95 dropped 0.16% to $108.94.

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  • Fuel imports rise over 60% this year

    Fuel imports rise over 60% this year

    Vietnam spent nearly $5 billion importing fuel in the first seven months of 2023, up 61% year-on-year, to ensure adequate supply as its biggest refinery Nghi Son is set to shut down for major maintenance.

    Its biggest import markets were South Korea, Singapore and Malaysia.

    Nghi Son in the central province of Thanh Hoa, which accounts for around 35-40% of domestic fuel supply, will undergo its first major maintenance since establishment starting from August 25. The maintenance will last around two months.

    The Ministry of Industry and Trade said it has carefully monitored fuel supply this year to prevent shortages.

    Vietnam exported 1.26 million tons of fuel worth around $1 billion in the first seven months of this year.

    Lees ook:

  • Diesel price hikes

    Diesel price hikes

    Vietnam on Wednesday adjusted diesel price up while keeping gasoline prices unchanged for the second time in a row.

    Diesel went up 0.83% to VND18,170 ($0.77) per liter.

    Gasoline prices were kept stable at VND22,010 for RON95 and 20,870 for E5 RON92.

    Global prices in the last 10 days increased slight due to a reduced supply from OPEC+ countries, rising exports and production of Iran despite U.S.’s restrictions.

    RON92 price rose 0.2% to $88.09 per barrel, while RON95 went up 0.2% to $93.31.

    Diesel gained 1.7% to $91.71.

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  • Gasoline prices up, oil down

    Gasoline prices up, oil down

    Gasoline prices unexpectedly rose Monday by VND540-620 (US$2.3-2.6 cents) per liter, while oil products dropped by VND300-980 per liter.

    This is the fifth time retail fuel prices have been adjusted in only six weeks this year.

    The price of the Vietnam’s number one selling gasoline RON 95-III went up by VND620 to VND23,760 per liter, and the cost of E5 RON 92 increased by VND540 to VND22,860.

    Meanwhile, the diesel price fell by VND960 to VND21,560, kerosene dropped by VND980 to VND21,590 dong per liter, and mazut oil decreased VND300 to VND13,630.

    The price hikes announced by the Ministry of Industry and Trade and the Ministry of Finance surprised businesses because it went against the previous forecast.

    However, the two ministries said their fuel price management plan would help curb inflation and stabilize the market.

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  • Diesel partners with Jaspal Group to expand in Southeast Asia

    Diesel partners with Jaspal Group to expand in Southeast Asia

    s to distribute and market the Italian fashion brand Diesel in Thailand and Vietnam, according to the Bangkok Post.

    Jaspal Group has opened Diesel’s first flagship store in Thailand inside Bangkok’s giant shopping mall CentralWorld, taking Diesel’s store count in the country to four.

    The new store was designed under the ‘Sunshine’ concept, featuring the brand’s signature red and white colour scheme. Located on the mall’s first floor, Diesel CentralWorld is home to the brand’s full range of ready-to-wear collections and accessories.

    Jaspal Group has also opened Vietnam’s first Diesel store inside the Takashimaya department store in Ho Chi Minh City. The company has a presence in three countries with 70 stores across different brands, including Lyn, Mango, Champion, CC Double O, and Superdry.

    LVMH-owned luxury fragrance house Maison Francis Kurkdjian has also opened a flagship store in Thailand at the luxury shopping complex IconSiam after five years of operation in the country in partnership with Prestige Products Thailand.

    The luxury fashion market in Vietnam and Thailand has experienced significant growth as demand for high-end products soars, especially now China’s border reopening has bolstered tourism there.

    Vietnam’s luxury fashion operator Imex Pacific Group Fashion, whose portfolio of brands includes Cartier and Christian Louboutin, has rece

  • Vietnam fuel imports doubled in 2022

    Vietnam fuel imports doubled in 2022

    Vietnam’s fuel oil and gasoline imports almost doubled to US$9 billion last year from $4.9 billion in 2021.

    Volumes were 28% up to 8.9 million tons. Diesel accounted for 54% of the volume, gasoline for 19% and jet fuel for 16%.

    South Korea was the biggest supplier, providing 3.2 million tons, followed by Singapore and Malaysia.

    The fuel market saw major turbulence last year with many gas stations across the country shutting down in the second and third quarters as retail prices were too low for them to break even.

    The Ministry of Industry and Trade has instructed distributors to increase supply by 10-15% from last year to 25.9-26.7 million tons this year.

    The country’s largest refinery, Nghi Son, cut production by 25% earlier this month due to a technical issue, but fixed it by January 15 and promised to increase production during the rest of the month to make up.

    It will again have to shut down starting August 25, this time for 55 days, for major maintenance work.

    Some retailers said recently that since authorities did not fix new retail prices on January 21 as scheduled and instead put off the announcement to February 1 they are selling at low commissions and even making losses after global prices shot up during the Tet holidays which lasted from January 20-26.