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Tag: diesel

  • 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.

  • Diesel price falls

    Diesel price falls

    Diesel dropped 2.3% to VND21,630 ($0.92) per liter while gasoline prices remained unchanged Wednesday afternoon.

    Kerosene fell 4.2% to VND21,800 per liter. Mazut decreased by 2.8% to VND13,360 per kilogram.

    Global gasoline and oil prices gained 0.5-6.6% between the last and this adjustment.

    RON95 gasoline dropped 0.53% to over $92 per barrel, while diesel fell nearly 4.3% to $109.71.

    Mazut lost 6.6% to an average of $371.15 per ton.

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  • Diesel Japan opens Ginza flagship

    Diesel Japan opens Ginza flagship

    Italian fashion retailer Diesel has launched its new flagship store in Japan, at Ginza Marronnier Gate 1, Tokyo.

    The shop, which features two floors, is designed by creative director Glenn Martins with red and white as the primary theme colors. Diesel says this renovation reflects a refreshed image and looks under Martins’s creative guidance.

    The first floor’s walls, which are red and white, reflect the brand’s red logo, and the store aims to create a spacious, airy feel by using metal racks that surround it. It also includes a big sofa, modern industrial modules, and resin shelves.

    On the other side, the basement floor also has red and white displays and walls, as well as cutting-edge architectural features. Customers can purchase an all-gender selection of denim, apparel, shoes, bags, and accessories from the Diesel Fall/Winter 2022 collection and runway looks. In addition, products from the Diesel Ginza limited and pre-sale collections are now accessible in the red look that debuted during the Diesel 22FW fashion show in Tokyo in June.

    Diesel has made Japan one of its main markets after spending more than 36 years there. The apparel company debuted its first Asia-sized flagship shop in Ginza in 2008 and its first large-scale global concept store in Tokyo’s Shibuya neighborhood in 2010.

    The brand is also growing in other markets like Singapore, Hong Kong, and Korea. In collaboration with RTG Consulting and Muse Group, Diesel launched China’s world’s first Diesel Hub last year. The 900sqm Hub combines dining and retail, with a restaurant named Diesel Brave Bar occupying nearly a fourth of the area.

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  • Gasoline prices fall marginally, diesel surges

    Gasoline prices fall marginally, diesel surges

    Vietnam’s gasoline prices fell 1.56-1.74% on Monday while diesel prices surged 6%.

    A liter of RON 95 now costs VND24,230 ($1.03), down 1.74%. That of biofuel E5 RON 92 costs VND23,350, down 1.56%.

    Monday’s was the seventh consecutive downward adjustment made to gasoline prices, bringing prices down by 25.4-26.3% since this year’s peak on July 21.

    Meanwhile, diesel surged 6% to VND25,180 a liter, marking the first time it surpassed gasoline prices.

    Prices were hiked 9.7% in the two most recent adjustments but were 16.3% lower than this year’s peak.

    On the global market, gasoline has decreased by around 2% while diesel prices surged 9.3%, according to data from the Ministry of Industry and Trade and Ministry of Finance.

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  • Fuel price cuts fail to drag prices down

    Fuel price cuts fail to drag prices down

    Gasoline prices may have fallen by 10 percent on Monday, but to many people’s chagrin this has not had a knock-on effect on other prices.

    Three days after fuel prices fell, Hanh, owner of a chicken pho restaurant in Hanoi, has yet to adjust prices downward. A bowl of pho still costs VND40,000-60,000 ($1.71-2.56), up VND5,000-10,000 from June.

    He blamed it on the high costs of other items, especially chicken. “A kilogram of chicken still costs me VND110,000-120,000, and so I cannot lower my prices.”

    In HCMC too, food stalls have yet to cut prices after having raised them earlier to cope with higher fuel and other costs.

    Gasoline prices have only fallen by 10 percent after a 35 per cent hike since mid-April, eateries pointed out, adding they therefore have to wait for further fuel price cuts before reducing their prices.

    Prices of fresh foods at traditional markets are also unchanged. Hoa, a vegetable seller in HCMC’s Binh Thanh District, said prices are unlikely to fall since heavy rains have affected supply.

    A butcher in HCMC’s Go Vap District, also called Hoa, said he could not cut pork prices further since he is already selling at cost.

    “Prices of pig of the hoof will probably increase in the next few days, and so retail pork prices are unlikely to fall. Animal feed costs have risen significantly in the first half of this year.”

    Nguyen, a butcher in a market in Hanoi, said, “Due to bad weather, low demand and higher costs, I suffer losses most of the time.”

    Gasoline only accounts for 20 percent of fresh food prices, while labor input costs are rising, Hoang, a wholesaler in HCMC, said.

    Truong Chi Thien, director of egg producer Vinh Thanh Dat, said the costs of animal feed, labor and packaging have risen by 20-40 percent from last year.

    “Egg prices will only decline if input costs fall.”

    Dinh Trong Thinh, a lecturer at the Academy of Finance, said there would be a lag between changes in gasoline prices and those of other goods.

    Despite two recent cuts, gasoline prices remain at nearly VND30,000 a liter, up 25 percent from last year, and so it is understandable that producers, suppliers and retailers have yet to cut prices, he added.

  • Fuel prices fall to 2-month low

    Fuel prices fall to 2-month low

    Gasoline prices fell by 10 percent Monday to their lowest levels in two months after an environment tax cut. The price of the popular RON 95 gasoline was reduced by VND3,090 to VND29,670 a liter, and that of biofuel E5 RON 92 by VND3,110 to VND27,780 (US$1 = VND23,350).

    The prices of other fuels like kerosene and diesel also fell by 4.2-11.4 percent.

    The biggest drop in prices this year pushed them to their lowest levels since May 11.

    Normally, authorities make gasoline price adjustments in the afternoon of the 1st, 11th and 21st of a month, but this time it was adjusted at midnight Sunday following a cut in the environment tax.

    The tax, originally VND4,000 per liter and cut to VND2,000 in April, was brought down to VND1,000 by the Standing Committee of the National Assembly.

    The Ministry of Finance has also proposed cuts to excise and value-added tax on gasoline to bring prices down further. They are expected to be approved in the next session of the National Assembly in October.

    But industry insiders have called for the cuts to be made sooner, saying rising fuel costs have been one of the biggest stumbling blocks to their recovery after Covid-19.

  • Gasoline prices surge 10 pct

    Gasoline prices surge 10 pct

    Vietnam gasoline prices skyrocketed by 10 percent to another new record Friday, after authorities adjusted them upward for the seventh time in three months.

    The price of popular gasoline RON 95 and biofuel E5 RON 92 both rose from VND26,830 per liter to VND29,820 per liter and from VND26,070 to VND28,980, respectively. ($1 = VND22,875)

    The price of other fuels, including kerosene, diesel, and mazut, also climbed by 12-16.5 percent. Friday’s was the seventh hike since Dec. 10, 2021 without a downward adjustment in between.

    Compared to December, RON 95 gasoline prices are already up by over 30 percent, while those of biofuel E5 RON 92 have risen 31.3 percent.

    Global oil prices fell on Wednesday by the most in nearly two years after OPEC member United Arab Emirates stated it supported pumping more oil into a market roiled by supply disruptions due to sanctions on Russia after it attacked Ukraine.

    Its prices settled at $109.3 per barrel Wednesday, down $18.7 or 14.6 percent, their biggest one-day decline since April 2020. At the time of writing, oil prices are hovering above $110 per barrel.

    Recently, the Ministry of Finance has proposed to halve the environmental tax on fuel, from VND4,000 to VND2,000 per liter on gasoline and from VND2,000 to VND1,000 on diesel.

    Environmental tax, together with other taxes and fees, adds up to 43 percent of gasoline retail prices in Vietnam.

    Vietnam authorities make gasoline price adjustments on the 1st, 11th and 21st day of the month; therefore, changes follow global movements after a certain delay.

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  • India’s September Diesel Sales Remain Below Pre-COVID Levels

    India’s September Diesel Sales Remain Below Pre-COVID Levels

    India’s diesel consumption slowed in the first half of September from the previous month, staying below pre-COVID levels as a pick-up in monsoon rains hit mobility and demand for fuel from the agriculture sector, preliminary sales data showed.

    Diesel sales by the country’s state fuel retailers came in at 2.1 million tonnes during Sept. 1-15, a decline of about 1.5% from last year and down 6.8% from the same period in 2019, the data showed.

    State retailers Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp Ltd own about 90% of the country’s retail fuel outlets.

    Sales of diesel, which account for about two-fifths of India’s overall refined fuel consumption, are directly linked to industrial activity in Asia’s third-largest economy.

    India’s monsoon rains revived this month after a patchy spell in August. Local diesel sales during September 1-15 was down by about 0.9% from the same period in August, the data showed.

    Improved electricity supplies also contributed to a decline in demand for diesel.

    In contrast, petrol sales stayed above the pre-COVID levels at 1.02 million tonnes as people continued to prefer using personal vehicles over public transport and shared mobility for safety reasons.

    India has not yet fully opened its public transport sector, which mostly use diesel.

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  • Porsche SE Faces U.S. Lawsuit Over Dieselgate Scandal

    Porsche SE Faces U.S. Lawsuit Over Dieselgate Scandal

    Porsche SE, Volkswagen’s largest shareholder, is facing a lawsuit in the United States over claims related to the carmaker’s diesel emissions scandal. The suit, filed with the Supreme Court of the state of New York in April, targets Porsche SE as well as former members of the management and supervisory boards of Volkswagen, Porsche SE said in its half-year report. Porsche SE, which holds 31.4% of Volkswagen, did not identify the plaintiffs and did not detail or quantify possible claims, saying the action had not yet been served.

    “The plaintiffs claim to be shareholders of Volkswagen AG and assert with their action alleged claims of Volkswagen AG on behalf of Volkswagen AG,” Porsche SE said.

    The lawsuit marks the latest chapter in the “dieselgate” saga since Volkswagen admitted in September 2015 to using illegal software to rig diesel engine emissions tests. The scandal has cost the carmaker more than 32 billion euros ($38 billion) in fees, fines and legal costs so far.

    Volkswagen and Porsche SE are already subject to 4.1 billion euros worth of shareholder claims in relation to the crisis, but it could take years before they are resolved.

    Last month, Volkswagen shareholders approved a deal to settle claims against four former executives, including long-time CEO Martin Winterkorn, related to the crisis.

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  • Shell’s 2020 Carbon Emissions Fall On The Back Of Fuel Sales Drop

    Shell’s 2020 Carbon Emissions Fall On The Back Of Fuel Sales Drop

    Royal Dutch Shell, owner of the world’s largest fuel retail network, said on Thursday its total greenhouse gas emissions dropped 16% in 2020 as oil and gas sales fell sharply due to the coronavirus pandemic. Shell said in its annual report that total emissions from its oil wells to forecourt fuel sales fell to 1.38 billion tonnes of carbon dioxide equivalent last year, from 1.65 billion in 2019.

    “One of the major causes of this larger than expected reduction in 2020 was lower demand for energy, especially for oil and gas,” it said.

    Shell said its total greenhouse gas emissions dropped 16% in 2020 as oil and gas sales fell sharply due to the coronavirus pandemic.

    Energy majors’ climate reporting differs in that some emissions data, for example, the data Shell released on Thursday, includes planet-warming gases from the combustion of fuels they produce themselves plus the oil products they sell but are produced by another company. Others, like BP, only cover the former: emissions from the combustion of fuels made from crude oil they produce themselves.

    Net carbon intensity, the main measure the Anglo-Dutch focuses on in its energy transition strategy, dropped last year to 75 grams of CO2 equivalent per megajoules, a 4% reduction from 2019, Shell said. Carbon energy intensity means a company can increase its fossil fuel output while offsetting its carbon emissions or adding renewable energy to its product mix.

    Shell has begun a major overhaul to shift away from oil and gas to low-carbon energy, power trading and retail in order to reduce its greenhouse gas emissions to net-zero by mid-century, including the use of offsets for residual emissions. Shell runs around 46,000 retail fuel stations. Its executives’ pay is linked to its success in reaching its climate targets.

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  • Diesel Hub concept store opens in Shanghai

    Diesel Hub concept store opens in Shanghai

    Glenn Martens may still be prepping his debut collection for Diesel, but he’s already leaving his mark on the brand. The Belgian designer, who was tapped as the Italian brand’s creative director last October, has imagined a new store concept for Diesel, an immersive branding experience in itself.

    Painted floor-to-ceiling in the brand’s signature red color, the new concept is being introduced at two temporary pop-up stores in Amsterdam and on the outskirts of Washington, D.C., at the mall Tyson’s Corner Center.

    The company said it will be extended to other pop-up units and be flanked by experiential initiatives, and the concept will also appear in the first permanent unit, called Diesel Hub, that the brand will open in Shanghai later this year.

    “This new pop-up represents a first step toward elevating the design and brand experience of Diesel, starting from its iconicity and heritage,” said Massimo Piombini, Diesel’s chief executive officer. “It is a bridge to the new permanent store concept coming at the end of the year, starting from our Diesel Hub in Shanghai.”

    Paying homage to the brand’s DNA, Martens has had a giant Diesel logo and “For Successful Living” catchphrase brushed across the spaces’ elements, including displays and shelves, which customers will be able to read in their entirety upon entering the store, giving the impression of jumping into the brand’s tag.

    Both pop-ups will carry the spring 2021 and pre-fall 2021 assortments — which were not designed by Martens. Parent company OTB, controlled by Italian industrialist Renzo Rosso, recently said the first collection designed by Martens will bow for spring 2022.

    The Paris-based Martens arrived at Diesel nine months after Piombini, previously CEO of Balmain, was named CEO at Diesel, and amid brightening prospects for the flagship property of OTB.

    Rosso has had Martens on his radar for several years and tapped him in 2018 as a guest designer of its experimental capsule series Diesel Red Tag, one year after Martens bagged the prestigious ANDAM fashion prize, of which OTB is a historical sponsor and mentor.

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  • Japan May Ban Sale Of New Petrol-Powered Vehicles In Mid-2030s

    Japan May Ban Sale Of New Petrol-Powered Vehicles In Mid-2030s

    Japan may ban sales of new petrol-engine cars by the mid-2030s in favour of hybrid or electric vehicles, public broadcaster NHK reported on Thursday, aligning it with other countries and regions that are imposing curbs on fossil fuel vehicles.

    The move would follow Prime Minister Yoshihide Suga’s pledge in October for Japan to slash carbon emissions to zero on a net basis by 2050 and make the country the second G7 nation to set a deadline for phasing out petrol vehicles in a little over two weeks.

    Japan’s industry ministry will map out a plan by the year-end, chief government spokesman Katsunobu Kato told a news conference on Thursday.

    Japan’s Prime Minister Yoshihide Suga pledge in October for Japan to slash carbon emissions to zero on a net basis by 2050.

    The likelihood of state interventions to lower carbon emissions is fuelling a technological race among carmakers to build electric cars and hybrid petrol-electric vehicles that will lure drivers as they switch from petrol models, particularly in the world’s two biggest auto markets, China and the U.S.

    Measures already in place in Japan mean Japanese automakers, particularly big ones such as Toyota Motor Corp with greater research and development resources, could use electric vehicle technology they have already developed at home.

    Nissan Motor Co chief operating officer Ashwani Gupta last month told Reuters his company was ready to respond to Britain’s decision to hasten a phase-out date for new petrol and diesel powered cars and vans by five years to 2030 because it was part of a global trend.

    Japan’s industry ministry is considering requiring all new vehicles to be electric, including hybrid vehicles, NHK reported earlier, adding the ministry would finalise a formal target following expert-panel debates as early as the year-end.

    Nissan says it’s ready to respond to Britain’s decision to hasten a phase-out date for new petrol and diesel-powered cars and vans by five years to 2030

    Japanese automakers for now are keeping quiet on what impact those measures could have on their businesses.

    Toyota, Honda Motor, Nissan and its alliance partner Mitsubishi Motors Corp declined to comment.

    In Japan, the share of electric vehicles is expected to increase to 55% in 2030, Boston Consulting Group said in a report on prospects for battery-powered cars.

    Globally, “the speed of expansion of the share of electric vehicles will accelerate due to the fact that battery prices are falling more rapidly than previously expected,” Boston Consulting said in the report.

    Japan, China and South Korea recently announced firm targets to end net emissions of carbon, which has given momentum for companies and banks to push for cutbacks to keep global warming in check.

    Apart from Britain, parts of the United States and Canada, Norway and Germany, are or plan to imposed curbs on fossil fuel cars. The wider European Union is expected to decide on future restrictions as early as this month.

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  • Kia Motors India Issues A Recall For Seltos Diesel Over Faulty Fuel Pump

    Kia Motors India Issues A Recall For Seltos Diesel Over Faulty Fuel Pump

    Kia Motors India has issued a recall for the diesel models of the Seltos compact SUV to fix potential damage to the fuel pump. While the company is doing this a service campaign, it has notified its dealer partners to inspect the fuel pump of the diesel Seltos that come for servicing and if its damaged, the part needs to be replaced. When reached out to Kia Motors India, the company said, “The recent communication, involves inspection of fuel pump and in-case of any observation dealer is required to carry out repair/replacement as the case may be.” It’s certainly encouraging to see manufacturers take such proactive initiatives.

    Furthermore, according to a leaked service bulletin that’s circulating the internet, the affected Kia Seltos units were manufactured between October 1, 2019, and March 31, 2020. The damaged fuel pump could cause problems like excessive vibrations, poor pick-up, or in some cases, the vehicle might face a starting problem. So, Seltos owners facing similar issue should reach out to their nearest service centre and get the vehicle examined. As of now, the company is not sending out any communication to vehicle owners, but the faulty part will be replaced by the service centres free of cost.

    According to a leaked service bulletin, the damaged fuel pump could cause problems like excessive vibrations, poor pick-up, or starting problem.

    The Kia Seltos diesel is powered by a 1.5-litre four-cylinder diesel engine that is tuned to produce 113 bhp and 250 Nm of peak torque. The motor comes mated to a 6-speed manual gearbox and an option 6-speed automatic torque converter unit. It worth mentioning that the same engine is used in the Hyundai Verna, and the Kia Sonet, however, considering both these models were launch after March 2020, they are not likely to be affected by this problem.

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