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Tag: fuel

  • Gasoline prices soar to new heights in 2023

    Gasoline prices soar to new heights in 2023

    Gasoline prices on Thursday rose to another new peak this year while diesel prices continued to climb.

    The popular gasoline RON95 went up 3.5% to VND25,740 ($1.06) per liter. This was its seventh increase in the last two months.

    RON95 has risen by around 10% since the beginning of the year.

    Biofuel RON92 rose 3.07% to VND24,190.

    Diesel went up 2.34% VND23,590.

    Authorities said that global prices have been rising in the last 10 days due to increasing demand as OPEC+ countries limited their supply.

    RON92 went up 4.7% to $107.95 per barrel, while RON95 rose 4.6% to $114.02. Oils increased by 1.8%-3.4% per barrel.

  • 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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  • Gasoline prices hit 12-month high

    Gasoline prices hit 12-month high

    Gasoline prices continued to rise on Tuesday and reached the highest since August last year.

    The popular RON95 was 1.10% higher at VND24,870 per liter.

    Biofuel RON92 price went up 0.60% to VND23,470.

    Diesel price also increased by 1.30% to VND22,640 per liter.

    Globally RON92 price went up 0.50% in the last two weeks to $103.25 per barrel, while RON95 rose 0.70% to $109.23, as Russia intended to cut its oil exports.

    Diesel was nearly 2% more expensive in the period at $118.82 per barrel.

  • Gasoline prices up in 5th straight time

    Gasoline prices up in 5th straight time

    Gas prices went up for the fifth time in a row on Monday, having increased non-stop since early July.

    The popular gasoline RON95 was 2.54% higher at VND24,600 per liter. Biofuel E5 RON92 rose 2.23% to VND23,330.

    Diesel fell for the first time in more than three months, dropping 1.79% to VND17,980.

    According to the Ministry of Industry and Trade and the Ministry of Finance, China used its oil reserves to prevent OPEC+ countries from reducing their supply.

    RON92 was 3.14% more expensive at $102.76 per barrel.

    But diesel dropped 0.3% to $116.72 per barrel.

  • 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.

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  • Gasoline prices rise

    Gasoline prices rise

    Except for E5 RON 92, gasoline and diesel prices have risen by VND70-660 per liter starting 3 p.m. Tuesday.

    The price of the widely used RON95 went up 0.33% to VND21,490 (91 cents) per liter. Biofuel E5 RON92 decreased by VND60 (0.29%) to VND20,410.

    Diesel had a VND450 (2.48%) rise to VND18,610.

    Oil prices edged higher on Tuesday supported by supply cuts by the world’s biggest oil exporters and continued hopes for higher demand in the developing world in the second half of 2023.

    Supply cuts by top exporters Saudi Arabia and Russia set for August helped to lift the benchmark prices, which were also supported as the U.S. dollar fell to a two-month low.

  • Gasoline prices drop

    Gasoline prices drop

    Gasoline and diesel prices declined in Vietnam Monday afternoon, following a similar trend globally.

    The popular RON95 gasoline dropped 2.68% to VND21,420 ($0.91) per litter after staying unchanged in the last two revisions by authorities.

    Biofuel E5 RON92 fell 1.91% to VND20,470 per liter.

    Diesel, after rising two times in a row, was 0.06% lower at VND18,160 per liter.

    Global fuel prices since June 21 have been falling due to a plunge in U.S. fuel reserves and concerns about central banks’ rate hikes, according to the Ministry of Industry and Trade and Ministry of Finance.

    RON92 fell nearly 1.5% to $86.78 per barrel while RON95 dropped 1.8% to $91.59. Diesel declined by 0.5% to $92.16.

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  • 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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  • Fuel prices rise after 6-week decline

    Fuel prices rise after 6-week decline

    Gasoline and diesel prices on Monday gained for the first time since April 11.

    The popular gasoline RON95 went up 2.33% to VND21,490 per liter.

    Biofuel E5 RON92 rose 1.74% to VND20,480. Diesel increased by 1.70% to VND17,950.

    Fuel prices globally have been rising by 0.73-3% in the last 10 days due to a production cut by OPEC+, concerns of the U.S. public debt, stalled manufacturing and high interest rates which could lead to an economic recession.

    RON95 price went up 2.6% to $89.63 per barrel, and diesel rose 2.2% to $89.18.

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  • Fuel prices drop for third straight time

    Fuel prices drop for third straight time

    Gasoline and diesel prices in Vietnam fell for the third straight time Thursday afternoon.

    RON95 gasoline price dropped 5.91% to VND21,000 per liter, lowest since December 21.

    Biofuel E5 RON92 fell 6.07% to VND20,130. Diesel declined by 3.29% to VND17,650.

    Gasoline and diesel prices have been going down non-stop since mid-April.

    Fuel prices globally dropped by 4-7% in the last 10 days as OPEC+ reduced its production by over 1.1 million barrels a day, according to the Ministry of Industry and Trade and Ministry of Finance.

    RON92 gasoline dropped by over 7% to $83 per barrle.

    RON95 fell 6.4% to $87.37 per barrel.

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  • Gasoline prices drop to near four-month low

    Gasoline prices drop to near four-month low

    Gasoline prices on Thursday fell by more than 5% to the lowest since mid-January.

    Starting from 3 p.m. RON95 declined by 5.5% to VND22,320 per liter. Biofuel E5 RON92 also dropped by 5.5% to VND21,430.

    Diesel fell 5.9% to VND18,250, a new low since the beginning of the year.

    The Ministry of Industry and Trade and Ministry of Finance, which manage fuel prices, said that fuel prices globally have been plunging in the last 15 days due to fear of economic recession.

    RON95 fuel fell by 8.4% to $93.33 per barrel, while RON92 dropped 8.7% to $89.39.

    Diesel declined by 7.2% to $90.91.

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  • Gasoline prices down

    Gasoline prices down

    The price of Vietnam’s best-selling gasoline RON 95-III fell VND610 to VND23,630 ($1) per liter on Friday, while E5 RON 92 prices dropped VND490 to VND22,680.

    Meanwhile, the price of diesel fell by VND750 to VND19,390.

    Kerosene prices dropped VND250 to VND19,480, while mazut oil prices rose VND650 to VND15,840.

    The Ministry of Industry and Trade and the Ministry of Finance, which oversee the adjusting fuel retail prices, said that global crude oil prices have fallen for the past 10 days on fears of looming Federal Reserve interest rate hikes and OPEC+ oil output cut.

  • Gasoline prices increase

    Gasoline prices increase

    Gasoline prices rose slightly on Monday after falling to their lowest in 2 months on March 21.

    RON95 went up 0.39% to VND23,120 ($0.98) per liter.

    E5 RON92 increased by 0.28% to VND22,080.

    Diesel stopped its downward trend with a 0.67% rise to VND19,430.

    Globally, the average price of fuel products increased by 0.6-2.4%.

    Per-barrel price of RON 92 was up by 1.7% to $93.82, while that of RON 95 went up 1.8% to $98.29.

    Diesel cost rose 0.6% to $96.89 per barrel.

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  • Vietnam struggles to auction outdated gasoline

    Vietnam struggles to auction outdated gasoline

    Vietnam is finding it difficult to sell 102 million liters of RON92, an out-of-date gasoline the country wants to replace with more RON95 in the national reserve.

    To obtain more space and money for today’s most common and popular gasoline RON95, Vietnam needs to sell its reserves of the cheaper RON92 fuel, which was supposed to have been auctioned off last year.

    But Vietnamese ministries could not agree on a set starting price for the fuel so the auction never happened.

    RON 92 is a low-power fuel that is now mainly used to make biofuel.

    But the Ministry of Industry and Trade has reported that selling such a large volume of the gasoline is difficult because few local wholesalers currently need biofuel.

    Vietnam has not had to release fuels from the national reserve for emergencies in five years, but the Ministry of Industry has announced that bulking up the nation’s scant resources is a must.

    According to the National Reserve Law, petroleum is a strategic reserve commodity.

    But the reality on the ground is that Vietnam’s average total reserves over the last five years has been just over 370,000 cubic meters a year, equivalent to only 6.5 days of consumption and 9 days of net imports.

    Vietnam’s national petroleum reserves generally total from around one-third to one-eighth of other countries’.

  • Gasoline prices drop

    Gasoline prices drop

    Gasoline prices dropped Tuesday after two hikes, while diesel fell to this year’s new low. RON95 gasoline was sold at VND23,440 ($0.99) per liter starting 3 p.m., down 1.35% from a week ago.

    Biofuel E5 RON92’s price went down 1.23% to VND22,540. Diesel dropped 3.2% to VND28,860, its second decline in a row.

    The Ministry of Industry and Trade and Ministry of Finance, which are in charge of adjusting retail fuel prices, said that average diesel prices in the last 10 days plunged 5% globally, while gasoline prices only dipped marginally.

    They added that the costs of delivering fuel from foreign sources to Vietnam and refineries to ports were factored into retail prices Tuesday.

    Many retailers had recently demanded that the government should fix a minimum commission of 5-6% of the retail price of petroleum products so that they do not have to sell at a loss.

    But the Ministry of Planning and Investment opposed this when recently asked for its opinion on a bill on fuel management of the Ministry of Industry and Trade.

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