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Tag: fuel

  • Gasoline Prices Rise, Impacting Drivers Across the Nation

    Gasoline Prices Rise, Impacting Drivers Across the Nation

    An employee fills up a vehicle at a fuel station in Ho Chi Minh City, illustrating Vietnam’s evolving fuel landscape. Gasoline and diesel prices saw a modest uptick in Vietnam on Thursday afternoon, following a decline the previous week. This change reflects the dynamic nature of the global fuel market.

    Price Movements

    The widely-used RON95 fuel rose by 2.19%, now priced at VND19,590 (approximately US$0.76) per liter. Meanwhile, the biofuel E5 RON92 also saw an increase of 2.18%, bringing it to VND19,180. Diesel prices surged by 2.5% to reach VND17,220.

    These fluctuations in Vietnam’s fuel prices are tied to a plethora of global factors. Over the past week, a temporary agreement between the U.S. and China aimed at reducing import tariffs has influenced market dynamics. Coupled with increasing tensions in the Middle East, a boost in oil production from OPEC+, and the continuing ramifications of the Russia-Ukraine conflict, the landscape remains anything but stable.

    In the international arena, RON95 climbed to $77 per barrel, while diesel prices also saw a bump, increasing 3% to reach $79.11 per barrel. The interplay of these variables leaves many wondering how prices will continue to evolve.

    As pocketbooks get squeezed globally, it’s clear that even the most routine gas station visit can become a rollercoaster ride of price fluctuations.

    Questions & Answers

    What prompted the recent rise in gasoline and diesel prices in Vietnam?
    The increase is linked to global factors such as tariff agreements between the U.S. and China, tensions in the Middle East, OPEC+ production adjustments, and the ongoing Russia-Ukraine conflict.

    How much have gasoline prices increased recently?
    RON95 prices rose by 2.19% to VND19,590 per liter, while diesel saw a 2.5% increase, now priced at VND17,220.

    What are the current prices on the global market for RON95 and diesel?
    RON95 is currently priced at $77 per barrel, whereas diesel has reached $79.11 per barrel.

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  • Gas Prices Climb from 5-Year Low, Impacting Retail Sales

    Gas Prices Climb from 5-Year Low, Impacting Retail Sales

    Gasoline Prices in Vietnam See Modest Recovery After Five-Year Low

    Vietnam’s gasoline prices have marked a slight upward shift, coming off their lowest levels in five years. This change comes as various factors in the global oil market begin to stabilize and reshape consumer trends in fuel purchasing.

    Price Surge for Popular Fuels

    On Thursday afternoon, the fuel landscape in Vietnam experienced an increase:

    • RON95: Up by 4.14%, now priced at VND19,630 per liter.
    • Biofuel E5 RON92: Rose 4% to VND19,230 per liter.
    • Diesel: Increased by 2.88%, reaching VND17,520 per liter.

    These price adjustments reflect surging consumer demand and market corrections following the previous lows.

    Factors Driving the Increase

    The recent fluctuations in gasoline prices can be attributed to multiple catalysts within the global oil market. Key influences include:

    • A recent report from the U.S. Energy Information Administration indicating a rise in U.S. crude oil inventories.
    • Policy changes from the Trump administration affecting goods taxes from trading partners.
    • Anticipated increases in OPEC+ oil production shortly.

    The global benchmark prices have also seen upward movement, with RON95 surging to $77.3 per barrel, up by 5%, while diesel increased by 3% to $80.90 per barrel.

    Impact on the Retail Sector and Consumers

    The recovery in gasoline prices could have significant implications for retail, particularly in sectors relying heavily on transportation and logistics. As fuel prices stabilize, consumers might see a gradual adjustment in product pricing, influencing overall spending behaviors.

    Questions & Answers

    1. What led to the recent increase in gasoline prices in Vietnam? The increase is primarily due to a rise in global oil prices influenced by U.S. crude inventory changes and adjustments in OPEC+ production.
    2. How much have prices changed for popular fuel types in Vietnam? RON95 rose 4.14% to VND19,630, Biofuel E5 RON92 increased 4% to VND19,230, and diesel saw a 2.88% increase to VND17,520.
    3. What might be the impact of rising gasoline prices on consumers and the retail sector Rising gasoline prices could lead to higher transportation costs, potentially resulting in increased prices for consumer goods and altering spending patterns in the retail sector.
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  • Fuel prices plunge to 4-year low

    Fuel prices plunge to 4-year low

    Vietnam gasoline price plummeted to its lowest in four years Thursday afternoon.

    The popular fuel RON95 fell 8.2% to VND19,200 (US$0.74) per liter, the lowest rate since May 2021.

    Biofuel E5 RON92 declined by 7.3% to VND18,880.

    Diesel dropped 6.7% to VND17,240.

    Regulators said that the global oil market over the past seven days has been influenced by several factors, including a rise in the U.S.’ crude oil inventories and its announcement of a 10% tariff on all imports.

    These factors pushed fuel prices down, with RON95 decreasing by 11.2% to $75.3 per barrel. Diesel went down by roughly 9% to $79.5.

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  • Gasoline price up

    Gasoline price up

    Gasoline prices on Thursday increased after hitting a six-month low last week while diesel remained steady.

    The popular gasoline RON95 gained 2.24% to VND20,080 (US$0.79) per liter.

    Biofuel E5 RON92 added 2.13% to VND19,690.

    Diesel stayed at VND17,890, steady at the lowest since early October last year.

    Regulators said that fuel prices in the last seven days fluctuated due to a decline in U.S. gasoline and oil product inventories, renewed tensions in the Middle East, and uncertainty surrounding U.S. tax policies on goods from other countries.

    Gasolines dropped 2.7-2.8% while oils (except diesel) declined by 0.2-0.5%. RON95 is now at $80.8 per barrel and diesel at $84.1.

  • Fuel prices decline

    Fuel prices decline

    Gasoline and diesel prices fell Thursday afternoon after reaching a six-month high a week earlier.

    The popular gasoline RON95 dropped 1.03% to VND21,110 (US$0.83) per liter.

    Biofuel E5 RON92 went down 0.96% to VND20,650.

    Diesel fell 0.58% to VND18,950.

    Regulators said that in the last seven days fuel prices were affected by the U.S.’ push on hiking tariffs on goods from China and other trading partners.

    Other factors included increasing U.S. oil reserves and the potential of a peace agreement between Russia and Ukraine.

    Gasolines dropped 1.5% in the period while oils fell 0.01%-1.5%.

    RON95 is now at $86.1 per barrel and diesel at $90.2.

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  • Gasoline price jumps to 6-month high

    Gasoline price jumps to 6-month high

    Gasoline prices on Thursday rose to the highest since August last year.

    The popular fuel RON95 went up 1.23% to VND21,330 a liter.

    Diesel dropped 0.05% to VND19,060.

    Regulators said that fuel prices in the last seven days were affected by cold weather in the U.S. and Ukraine’s attack on Russian oil infrastructure.

    Gasolines went up 1.2-1.4%, while oils fell 0.03-1.6%.

  • Fuel prices drop

    Fuel prices drop

    Gasoline and diesel prices in Vietnam mostly fell Thursday afternoon.

    The popular gasoline RON95 was priced at VND20,920, down 0.38% from seven days ago.

    E5 RON92 gained 0.25% to VND20,440. Diesel fell 0.99% to VND19,050.

    Regulators said that fuel prices in the last seven days were affected by increasing U.S. crude oil reserve, President Donald Trump’s halt on slapping tax on imports from Mexico, and concerns of a new trade war between the U.S. and China.

    Analysts have said that China’s retaliation with high tariffs on U.S. oil and gas products will divert the U.S. exports to other countries.

    In another development, the U.S. President declared “maximum pressure” on Iran. In response, the Iranian President also called on members of the Organization of the Petroleum Exporting Countries (OPEC) to unite against possible U.S. sanctions.

    Analysts expressed concern that if this sanction is reinstated, supply could be disrupted, pushing oil prices up.

    In the last seven days RON95 dropped 0.7% while oils fell 0.5-1.6%. RON95 is now at $86.2 per barrel and diesel $91.8.

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  • Gasoline prices slip from 3-month high

    Gasoline prices slip from 3-month high

    Gasoline and diesel prices both fell Thursday afternoon, hovering around the same level since mid-October, after reaching a three-month peak last week.

    The popular fuel RON95 dropped 2.19% to VND20,540 (US$0.81) per liter.

    Diesel declined by 0.53% to VND18,630.

    Regulators said that fuel prices in the last seven days were affected by the European Union’s adoption of a sanction package against Russia, geopolitical tensions in the Middle East, and the ongoing military conflict between Russia and the Ukraine.

    RON95 dropped 3-3.1% in the period while oils fell 0.8-1.9%. RON95 is now priced at $83.7 per barrel and diesel at $88.8.

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  • Gasoline prices reach 3-month peak

    Gasoline prices reach 3-month peak

    Gasoline prices in Vietnam climbed to a three-month Thursday afternoon.

    The popular fuel RON95 went up 1.99% from a week ago to VND21,000 (US$) per liter.

    Diesel jumped 2.63% to VND18,730.

    Fuel prices in the last seven days were affected by the European Union’s adoption of the 15th package of sanctions against Russia, a member of OPEC+. Prices were also influenced by geopolitical tensions in the Middle East and ongoing conflict between Russia and Ukraine.

    RON95 went up 2.5-2.6% in the period while oils went up 2.6-3.1%. RON95 is now at $86.2 per barrel and diesel $89.6.

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  • Gasoline, diesel prices drop

    Gasoline, diesel prices drop

    Vietnam gasoline and diesel price both declined Thursday afternoon.

    The popular fuel RON95 fell 0.39% to VND20,520 (US$0.81) per liter Thursday morning.

    Biofuel E5 RON92 went down by 0.57% to VND19,340 per liter.

    Diesel dropped 0.38% to VND18,500.

    Regulators said that fuel prices in the last seven days were affected by China’s economic stimulus plans failing to meet investors’ expectations, and ongoing tensions in the Middle East and between Russia and Ukraine.

    Gasolines fell by 0.6-0.9% in the period and oils went down 0.5%. RON92 is now at $83.6 per barrel and diesel $88.2.

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  • Gasoline prices surge

    Gasoline prices surge

    Gasoline prices increased sharply Thursday afternoon after inching down last week.

    The popular fuel RON95 rose 6.36% to VND21,060 (US$0.85) per liter.

    Biofuel E5 RON92 increased by 5.25% to VND19,840.

    Regulators said that prices in the last seven days rose as a hurricane made landfall in the U.S., resulting in a spike in demand in that country, and concerns over the military conflict in the Middle East.

    In the last seven days, fuel prices have increased by 7-7.9% and oils have gained 5.2-7.4%. RON95 is now at $88.2 per barrel and diesel at $90.

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  • Gasoline prices tumble to 20-month low

    Gasoline prices tumble to 20-month low

    Gasoline prices on Thursday hit the lowest since December 2022, having in decline for the last two months.

    The popular fuel RON95 dropped 1.33% to VND20,820 (US$0.84) per liter.

    Diesel declined by 2.06% to VND18,470.

    Regulators said that fuel prices in the last seven days were affected by expectations of increased supply in Libya and OPEC+ countries and weak China’s demand.

    Gasolines have fallen by 1.6-2.2% and oils have decreased by 2-3.1%. RON95 is now at $86.3 per barrel and diesel $87.

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  • Gasoline prices remain at 15-month low

    Gasoline prices remain at 15-month low

    Gasoline prices in Vietnam continued to fall Thursday and remained at its lowest level since May last year.

    Diesel fell 1.60% to VND18,470.

    Regulators said that prices fluctuated in the last seven days due to new developments in the Middle East crisis and declining crude oil inventory in the U.S.

    Gasolines fell 0.3-0.9% and oils dropped 0.2-1.6%. RON95 is now at $87.7 per barrel and diesel $89.1.

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  • Gasoline hits 5-week low

    Gasoline hits 5-week low

    Gasoline prices on Thursday fell to the lowest since June 20 in its third consecutive week of decline.

    The popular fuel RON95 dropped 1.25% to VND22,880 ($0.90) per liter.

    Biofuel E5 RON92 declined by 1.22% to VND21,900.

    Diesel fell 1.51% to VND20,190.

    Globally fuel prices in the last seven days were affected by expectations of a ceasefire deal between Israel and Hamas, a stronger U.S. dollar, and declining oil demand in China compared to last year, according to regulators.

    Gasoline fell by 1.6-1.7% globally and oil dropped 1.8-3% in the period. RON95 is now at $95.6 per barrel and diesel at $97.5.

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  • Gasoline prices slip after 5 weeks rising

    Gasoline prices slip after 5 weeks rising

    Gasoline prices on Thursday fell slightly after increasing non-stop since early June.

    The popular fuel RON95 dropped 1.10% to VND23,290 ($0.92) per liter. Biofuel E5 RON92 declined by 0.80% to VND22,280.

    Diesel fell 1.61% to VND20,830.

    Global gasoline prices in the last seven days were affected by possible ceasefire deals in the Gaza, the U.S. entering summer travel peak time, and the ongoing conflict between Russia and Ukraine, according to regulators.

    Gasoline has dropped by 0.1-0.4% while oils fell 1-1.4% in the period. RON95 is now at $97.8 per barrel, and diesel at $101.2.

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