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Tag: Gasoline

  • Cambodia Sets Retail Fuel Caps at 5,150 Riel for Gasoline and 5,650 Riel for Diesel

    Cambodia Sets Retail Fuel Caps at 5,150 Riel for Gasoline and 5,650 Riel for Diesel

    Cambodia’s Ministry of Commerce set new retail fuel caps on October 1. The ceiling fixes regular gasoline at 5,150 riel per litre and diesel at 5,650 riel.

    Stations nationwide implemented the schedule at 1:00 PM. The rates run through October 11.

    Breakdown of the price schedule

    The adjustment covers Gasoline 92 alongside Gasoil 10ppm. State authorities calculate the figures using a formula tied to regional energy trading averages, updating domestic pump rates every ten days to reflect wholesale oil shifts.

    Subsidies remain in place to cushion consumers and commercial operators from international swings. The Ministry of Commerce said state support helps stabilise transport overheads while allowing retail networks to align station prices with global trends.

    Cost pressure across logistics and distribution

    Diesel at 5,650 riel per litre sets the baseline operating expense for freight hauliers, agricultural distribution networks, and inter-provincial bus operators. Heavy goods vehicles rely exclusively on gasoil. Any upward revision in the ten-day cycle feeds directly into wholesale delivery charges for packaged goods, fresh produce, and construction materials moving along national highways.

    Urban delivery platforms and motorcycle couriers bear the cost of 5,150 riel regular gasoline. In Phnom Penh and secondary urban hubs, last-mile couriers operating two-wheelers absorb these fuel expenses directly. That squeezes net margins across fast-food delivery and e-commerce fulfillment services.

    Supply chain impact for retail networks

    Fuel retailers operate within tight fixed margins under the mandatory price ceilings. Forecourt chains and independent operators must recalibrate point-of-sale software and physical pump displays across the country at every adjustment window. This prevents price gouging while stations manage terminal inventory bought at earlier wholesale rates.

    Importers and bulk storage operators face continuous cash-flow planning under the ten-day review mechanism. Rapid swings between cycles leave bulk distributors exposed to inventory holding risks whenever wholesale prices soften faster than retail ceilings update.

    Earlier pricing adjustments

    Officials carried out previous scheduled price revisions on September 11, August 11, and August 4. Those followed a drop in pump prices recorded in April after geopolitical tensions eased across international oil markets.

    Energy planners monitor international crude benchmarks ahead of the next window on October 11. The Ministry of Commerce will issue its subsequent ten-day fuel notification on that date.

  • Vietnam Fuel Retailers Raise RON95 Gasoline to VND27,080 per Liter

    Vietnam Fuel Retailers Raise RON95 Gasoline to VND27,080 per Liter

    Vietnam raised retail fuel prices on Thursday afternoon, pushing the cost of popular RON95 gasoline up 5.67 per cent to VND27,080 ($1.04) per liter.

    The price adjustment by the Ministry of Industry and Trade and the Ministry of Finance also lifted E5 RON92 biofuel by 5.01 per cent to VND26,390 per liter.

    Diesel gained 1.84 per cent to settle at VND30,490 per liter, according to the joint ministerial pricing schedule.

    Global Market Pressures on Import Costs

    State regulators linked the domestic price adjustments to shifting international crude benchmarks and regional refined petroleum costs. Global RON95 gasoline traded up 0.7 per cent to $147.2 per barrel over the pricing window, while diesel refined products dropped 5.1 per cent to $173.3 per barrel.

    Geopolitical turbulence in the Middle East drove crude market volatility. Market pricing absorbed Iranian statements outlining conditions for resuming diplomatic talks with the United States, alongside escalating regional friction involving Houthi forces and Saudi Arabia.

    Refined fuel imports into Southeast Asian distribution networks reacted immediately to these shifts. Vietnam remains structurally dependent on imported refined fuels and raw petroleum components to cover domestic refinery shortfalls.

    Operating Costs for Retailers and Transport Fleets

    Higher fuel expenses flow directly into delivery and retail operating margins across Hanoi and Ho Chi Minh City. Last-mile motorcycle couriers, cold-chain trucks, and regional distribution networks face immediate cost increases as transport overhead expands.

    Fleet operators typically attempt to pass fuel surcharges along to commercial shippers. In a competitive retail consumer market where household budgets face food and energy inflation, absorbable price headroom remains narrow.

    Urban convenience store operators and supermarket chains must balance logistics surcharges against consumer basket sensitivity. Distribution networks that expanded fleet investments earlier in the year face higher baseline operational expenses this quarter.

    Supply Pressures and Pricing Cycles

    Vietnam regulates domestic pump prices through coordinated weekly reviews to align state-guided ceilings with Singapore market benchmarks. Prior to this adjustment, domestic fuel levels tracked lower than several neighboring Southeast Asian markets despite rising crude import costs.

    Global energy disruptions have sustained price pressure across international distribution channels throughout 2026. Domestic supply lines rely on continuous equilibrium between state-regulated retail margins and global cargo procurement pricing to prevent inventory drawdowns at independent filling stations.

    Regional power and industrial demand continue to absorb energy supplies across the wider ASEAN corridor, keeping refined fuel crack spreads firm. The next joint pricing determination from the Ministry of Industry and Trade and the Ministry of Finance will benchmark import costs entering October.

  • Japan Caps Gasoline at ¥170 as Middle East Tensions Drain Subsidy Fund

    Japan Caps Gasoline at ¥170 as Middle East Tensions Drain Subsidy Fund

    Japan will keep regular gasoline pump prices capped at around ¥170 per liter to shield household spending and transport operators from Middle East oil disruptions, Prime Minister Sanae Takaichi said on Tuesday.

    The decision freezes an earlier plan to raise the price ceiling, committing the government to fund fuel market interventions that have already cost ¥9 trillion since January 2022.

    Tapping the emergency reserve

    Takaichi instructed Industry Minister Ryosei Akazawa to negotiate funding with Finance Minister Satsuki Katayama. Tokyo plans to draw money from a ¥2.5 trillion reserve fund created under the fiscal 2026 supplementary budget enacted in June.

    Fresh money is required quickly. The existing subsidy balance fell to approximately ¥210 billion at the end of July, leaving little room to absorb crude price swings without direct state cash.

    The program has proved difficult to unwind. Tokyo paused the subsidy at the end of December following the abolition of the provisional gasoline tax rate, only to reinstate pump relief in March as global oil markets tightened.

    Pressure on freight and fleet operators

    For retailers, logistics fleets and consumer delivery networks across Japan, the cap provides short-term pricing certainty on last-mile freight. Fuel surcharges remain a persistent drag on supply chain margins throughout the domestic retail sector.

    Akazawa and Katayama will now finalize the exact allocation from the June reserve fund before the current ¥210 billion balance runs out.

  • Philippine Fuel Retailers Raise Diesel by P2.31 per Liter

    Philippine Fuel Retailers Raise Diesel by P2.31 per Liter

    Philippine fuel retailers will raise pump prices on August 25, adding P2.31 per liter to diesel and P1.08 per liter to gasoline.

    The adjustment extends a second consecutive week of increases across Metro Manila and provincial networks, following a sharp rise on August 18 when diesel jumped P3.84 and gasoline gained P2.49. Kerosene will also climb by P0.95 per liter for the week of August 25 to 31, according to Department of Energy pricing data.

    What Drives the Regional Surge

    Dubai crude climbed roughly $8.90 per barrel during trading between August 10 and 14, driving refined product benchmarks higher across Asia. International diesel prices climbed $11.40 per barrel over the same period, while international gasoline rose $6.50 per barrel.

    Shipping constraints through the Strait of Hormuz contributed to the tighter supply outlook. Tanker transits through the passage dropped from 17 vessels on August 10 to 16 on August 11, reflecting persistent friction between Iranian and US-Israeli forces.

    Transport Costs and Supply Chains

    Rising pump prices squeeze operating margins for regional delivery fleets and retail logistics networks across the archipelago. The Philippines imports almost all of its fuel requirements, making freight and retail transport immediately sensitive to movements in global oil benchmarks and foreign exchange rates.

    Current retail levels sit well above baseline figures recorded in February. Prior to the escalation in Middle East maritime disputes, common retail prices in Metro Manila stood at P55.00 per liter for diesel and P56.00 per liter for RON95 gasoline.

    Russia also maintained its export ban on diesel during the August trading cycle, limiting replacement cargoes for Asian buyers and keeping regional diesel prices firm.

    Energy authorities will monitor crude throughput and tanker traffic through the Persian Gulf during the next trading window to assess adjustments for the first week of September.

  • Vietnam Gasoline Prices Drop as Global Oil Market Reacts to Strait of Hormuz Developments

    Vietnam Gasoline Prices Drop as Global Oil Market Reacts to Strait of Hormuz Developments

    On Thursday, gasoline prices in Vietnam experienced a modest decline compared to the previous week. The widely used E10 RON95 gasoline dipped by 0.94%, bringing the price down to VND22,110 (approximately US$0.85) per liter. There was a slightly larger drop in E5 RON92 prices, which fell by 2.26% to VND21,230. Similarly, the cost of diesel also decreased, albeit by a smaller margin of 1.13%, to VND27,230.

    Global Influence on Fuel Prices

    The Ministries of Industry and Trade and Finance in Vietnam have commented that this fluctuation in fuel prices aligns with global petroleum market trends. These markets have been recently impacted by events such as negotiations over the reopening of the Strait of Hormuz and lower demand growth forecasts for oil, released by OPEC and the International Energy Agency. The global price of RON95 gasoline decreased almost 2% to $111.7 per barrel, while diesel prices fell 1.1% to $151 per barrel.

    The Ministries also highlighted that following this latest adjustment, the cost of gasoline in Vietnam remains significantly lower than in neighboring countries, with prices ranging from VND4,600-VND22,000 per liter less.

    Comparative Fuel Prices in the Region

    When compared to the gasoline prices in nearby countries, the lower costs in Vietnam become evident. Cambodia and Thailand have gasoline prices ranging from VND26,800-VND28,400 per liter, significantly higher than in Vietnam. The disparity widens further when looking at China, where the prices exceed VND32,000 per liter, and Laos where prices surpass VND44,000 per liter.

    Questions & Answers

    What is the new price of E10 RON95 gasoline in Vietnam?
    The new price of E10 RON95 in Vietnam is VND22,110 (US$0.85) per liter.

    How have global events influenced the recent fuel price changes in Vietnam?
    Negotiations over the reopening of the Strait of Hormuz and lower oil demand growth forecasts from OPEC and the International Energy Agency have influenced the recent decrease in fuel prices in Vietnam.

    How do fuel prices in Vietnam compare to those in neighboring countries?
    Fuel prices in Vietnam are significantly lower than in neighboring countries, with gasoline prices ranging from VND4,600-VND22,000 per liter less than in countries like Cambodia, Thailand, China, and Laos.

  • Global Tensions Fuel Surge in Vietnam’s Gasoline Prices

    Global Tensions Fuel Surge in Vietnam’s Gasoline Prices

    On Thursday, petrol prices in Vietnam saw a significant hike due to a surge in global fuel prices. The country’s most widely consumed fuel, E10 RON95, experienced a 4.28% price rise, bringing its cost to VND21,430 (US$0.81) per litre.

    There were similar increases across other types of fuel. Biofuel E5 RON92 saw a 5.35% increase, raising its price to VND20,880. Diesel prices saw the most substantial jump, with a 10.5% increase taking the cost to VND25,760 per litre.

    Global Market Trends

    These price hikes have been attributed to the shifting conditions of global fuel markets, which have been trending higher in recent times. The surge in global fuel prices has been exacerbated due to escalating political tensions and conflicts, including those between the U.S. and Iran. In addition, the maritime blockade declared by the Houthi movement in the Red Sea has also contributed to the upward price trends.

    The rise in international fuel prices has had a global impact. For instance, RON95 gasoline prices rose by 11.4% to $115.5 per barrel, while diesel saw a 10.8% increase, taking its price to $150.9 per barrel. Fuel oil, also known as mazut, also experienced a significant increase, climbing by 12.3% to a staggering $546.3 per ton.

    Questions & Answers

    What led to the increase in Vietnam’s fuel prices?
    The increase in fuel prices in Vietnam was a direct result of the surge in global fuel prices, which has been driven by escalating political tensions and conflicts.

    How much did the price of the most popular fuel in Vietnam increase?
    The price of E10 RON95, the most popular fuel in Vietnam, increased by 4.28% to VND21,430 (US$0.81) per litre.

    What are the current global market trends for fuel prices?
    Fuel prices are currently trending higher globally, mainly due to escalating political tensions and conflicts, including the U.S. and Iran conflict, and the maritime blockade declared by the Houthi movement in the Red Sea.

  • 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%.

  • Global Uncertainties Trigger Gasoline Price Tumble in Vietnam: Implications for U.S.- Iran Peace Talks

    Global Uncertainties Trigger Gasoline Price Tumble in Vietnam: Implications for U.S.- Iran Peace Talks

    In Vietnam, gasoline prices experienced a minor decrease on Thursday amidst the ongoing global price instability due to the uncertainties surrounding the peace talks between the U.S. and Iran. E10 RON95, a commonly used fuel, saw a 3.73% drop, bringing its price down to VND20,410, or $0.78, per liter.

    The biofuel E5 RON92 also recorded a decline of 5.05%, reducing its cost to VND19,730 per liter. Diesel, another widely used fuel, fell by 3.16% to VND21,170 per liter.

    Global Fuel Price Fluctuations

    Over the past week, global fuel prices have demonstrated mixed trends when compared to the previous week. These fluctuations are, in part, due to the ongoing negotiations between the U.S. and Iran, as stated by the Ministry of Industry and Trade and the Ministry of Finance.

    In an effort to minimize the impact of the escalating conflict in the Middle East on its economy, Vietnam has made a decision to continue its zero-tax policy on petroleum products until the end of September. However, the special consumption tax on gasoline will remain in place.

    Following the introduction of E10 gasoline for mass sale, approximately 980 million liters of biofuel have been consumed across the country in the first month. Out of this total, E10 accounted for a whopping 924 million liters, or 96%, while E5 consumption amounted to about 56 million liters.

    Steps to Ensure Continuous Fuel Supply

    In light of the persistent uncertainty in global energy markets, the Domestic Market Management and Development Agency under the Ministry of Industry and Trade has directed fuel importers and distributors to formulate supply plans. The goal is to ensure a steady availability of fuel across all distribution networks.

    There has also been an instruction for businesses to avoid hoarding fuel in anticipation of price hikes or supply disruption. The businesses are required to guarantee adequate deliveries to retail gas stations, particularly in remote and rural areas.

    Questions & Answers

    What caused the decrease in fuel prices in Vietnam?
    The decrease in fuel prices in Vietnam is due to the ongoing global price instability caused by uncertainties in the U.S.-Iran peace talks.

    How is Vietnam dealing with the impact of the conflict in the Middle East?
    To mitigate the impact of the conflict in the Middle East, Vietnam is continuing its policy of zero tax on petroleum products until the end of September, with the exception of the special consumption tax on gasoline.

    What measures are being taken to ensure continuous fuel supply in Vietnam?
    The Domestic Market Management and Development Agency has instructed fuel importers and distributors to develop supply plans to ensure uninterrupted fuel availability across their networks. They have also been instructed not to hoard fuel in anticipation of price increases or disrupt supply and to ensure adequate deliveries to retail gas stations, especially in remote and rural areas.

  • Fuel Frenzy: Indonesia Suffers Sudden 32% Surge in Popular Gasoline Prices Amidst Middle East conflict

    Fuel Frenzy: Indonesia Suffers Sudden 32% Surge in Popular Gasoline Prices Amidst Middle East conflict

    In response to the ongoing conflict in the Middle East, Indonesian public corporation Pertamina has substantially elevated its fuel prices, marking the first rise since hostilities commenced. The price of 92-octane gasoline, popularly referred to as Pertamax and frequently used by Indonesia’s middle class, rose from Rp12,300 per liter to Rp16,250. This represents a substantial 32.1% increase.

    Pertamax Green, a 95-octane fuel variant mixed with ethanol, underwent a similar increase, with the price rising from Rp12,900 to Rp17,000 per liter, registering a 31.8% increment. It’s noteworthy that Pertamax fuels typically do not receive subsidies, and it remained unclear if Pertamina would receive compensation for managing to keep the prices constant since the conflict erupted.

    Financial Implications and Public Reaction

    The decision to implement these price increases was made following Bank Indonesia’s surprising move to increase interest rates for the second time within a month. This move was intended to bolster the nation’s economic health, especially considering that budget data from last week revealed a 208% surge in fuel, power, and fertilizer subsidies from the previous year.

    Finance Minister Purbaya Yudhi Sadewa opined that the inflationary impact of these price hikes would probably be minimal, given that these fuels are not typically used for public transportation. However, the annual headline inflation rate had already spiked to a record eight-month high of 3.08% in May.

    Radhika Rao, a senior economist at DBS Bank, stated that the fuels impacted by these changes represent approximately 7% of domestic fuel sales and 7.5% of energy usage in the transportation sector in 2023. She suggested that due to these changes, both monetary and fiscal policies should adopt a defensive approach to bolster the economy.

    The sudden increase in fuel prices came as a shock to many, with Masgal Carta, a resident of Bandung, West Java, expressing his concern over the financial strain that this could impose. He noted, “My earnings have remained static, but the prices of basic commodities have begun to rise, and now the cost of fuel, our primary mode of transportation to work, has also increased unexpectedly.”

    However, the price of the subsidized 90-octane fuel, known as Pertalite, remained unchanged, as confirmed by Pertamina.

    Questions & Answers

    What are the new prices for Pertamax and Pertamax Green fuels?
    The price of Pertamax fuel has risen to Rp16,250 per liter, while Pertamax Green now costs Rp17,000 per liter.

    What is the projected inflationary impact of these price increases?
    Finance Minister Purbaya Yudhi Sadewa believes that the inflationary impact of these price increases will be kept in check as these fuels are not typically used in public transportation.

    How have the price hikes affected everyday consumers?
    The sudden price increase has contributed to the financial pressure on consumers, with some expressing shock and concern over the possible tightening of their personal budgets.

  • Gasoline Prices Skyrocket Amid Ongoing Middle East Conflict and Peace Talks Uncertainty

    Gasoline Prices Skyrocket Amid Ongoing Middle East Conflict and Peace Talks Uncertainty

    Biofuel E5 RON92 has experienced an upsurge of 5.17%, setting its current price at VND23,790. On the contrary, the cost of Diesel has seen a decrease, falling by 2.42% to VND27,490.

    Global Oil Market Trends

    Shifting focus to the global oil market, it continues to be influenced by several geopolitical factors. Foremost is the ongoing conflict in the Middle East, which has dramatically impacted oil prices. Additionally, the continued peace negotiations between U.S. and Iran, coupled with the tensions in the Strait of Hormuz, are also consequential.

    A positive shift was observed on Thursday when oil prices surged by over $1, bouncing back from the considerable losses experienced the day prior. This rise was due to the market’s contemplation over the potential success of a Middle East peace deal. Brent crude futures experienced an increase of 54 cents, or 0.5%, reaching $101.81 per barrel. Similarly, U.S. West Texas Intermediate saw a 45 cent gain, or 0.5%, bringing it up to $95.53 per barrel.

    Future Speculations

    Hiroyuki Kikukawa, the chief strategist at Nissan Securities Investment, indicated that peace negotiations will likely persist until at least the upcoming U.S.-China summit. However, he expressed that the outlook beyond this event remains uncertain. Kikukawa’s primary prediction is that oil prices will continue to stay at a heightened level for the foreseeable future.

    Questions & Answers

    How much has the price of Biofuel E5 RON92 increased?
    The price of Biofuel E5 RON92 has increased by 5.17%.

    What factors are currently influencing the global oil market?
    The global oil market is primarily influenced by the ongoing Middle East conflict, peace negotiations between the U.S. and Iran, and tensions in the Strait of Hormuz.

    What predictions have been made for future oil prices?
    The prevailing expectation, as per Hiroyuki Kikukawa of Nissan Securities Investment, is that oil prices will remain elevated in the foreseeable future.

  • Unprecedented Dip in Vietnam’s Gasoline Prices: Lowest Rate Since March Amid Falling Global Petroleum Market

    Unprecedented Dip in Vietnam’s Gasoline Prices: Lowest Rate Since March Amid Falling Global Petroleum Market

    On Thursday afternoon, gasoline prices in Vietnam plunged to their lowest levels since March 5, marking the fifth consecutive session of declines. The most commonly used fuel, RON95, dipped 0.69% to VND22,880 (US$0.87) per liter.

    Fuel Price Drops

    Biofuel E5 RON92 experienced a decline of 0.45%, bringing its price down to VND21,830 per liter. Diesel prices also fell significantly, with a decrease of 4.17% to VND26,690.

    Global Factors Influencing Prices

    The international petroleum market has been impacted by ongoing conflicts in the Middle East over the past two days. The peace negotiations between the United States and Iran have made little headway, and tensions have risen in the Strait of Hormuz, leading to global fluctuations in fuel prices. Globally, the price of RON95 has increased by 0.5%, while diesel prices have dropped by 3.8%.

    Government Interventions

    In an effort to control prices, the Vietnamese government has eliminated several taxes on gasoline, including the environmental protection tax, special consumption tax, and value-added tax.

    Presently, import tariffs on petroleum and blending materials are set at 0%. However, this measure is slated to expire on April 30. The Ministry of Finance is currently proposing an extension of this tax reduction until June 30.

    Questions & Answers

    What is the current price of the most commonly used fuel, RON95, in Vietnam?
    The current price of RON95 in Vietnam is VND22,880 (US$0.87) per liter, following a decline of 0.69%.

    What global factors are currently affecting petroleum prices?
    Ongoing conflicts in the Middle East and the escalating tensions in the Strait of Hormuz following stalled peace negotiations between the United States and Iran are currently impacting petroleum prices.

    What measures has the Vietnamese government taken to control gasoline prices?
    To control gasoline prices, the government has abolished several taxes, including the environmental protection tax, special consumption tax, and value-added tax. Additionally, the Ministry of Finance is proposing an extension of the 0% import tariff on petroleum and blending materials until June 30.

  • Fry to Fly: Thailand’s Innovative Fuel Exchange Turns Used Cooking Oil into Gasoline

    Fry to Fly: Thailand’s Innovative Fuel Exchange Turns Used Cooking Oil into Gasoline

    A leading Thai oil corporation, Bangchak Corporation, has introduced an innovative programme enabling individuals to swap used cooking oil for regular-grade diesel or gasohol, offering relief to the escalating cost of living. Billed as the “Fry to Fly – 2 litres for 1 litre” campaign, it is set to run from April 6-30, with several service stations across Bangkok and neighbouring provinces participating.

    Under this initiative, consumers are invited to bring in 2 liters of used cooking oil, which can be exchanged for 1 liter of either diesel or gasohol fuel on the spot. The offer, however, does not extend to premium fuel grades.

    The campaign is a continuation of Bangchak Corporation’s ongoing efforts to repurpose used cooking oil into sustainable aviation fuel. With this new initiative, the company seeks to provide more immediate, daily benefits to consumers by transforming domestic waste into usable transport fuel. This is particularly crucial in the current climate of increasing energy prices, largely spurred by geopolitical tensions and conflicts in the Middle East.

    Each participant can exchange up to 20 liters of used cooking oil, with the conversion rate set at 1 kilogram of used oil per liter for ease of computation. Fifteen Bangchak service stations in Bangkok, Samut Prakan, Nonthaburi, and Pathum Thani are taking part in this pioneering project.

    Questions & Answers

    What is the “Fry to Fly – 2 litres for 1 litre” campaign about?
    The campaign allows consumers to exchange 2 liters of used cooking oil for 1 liter of regular-grade diesel or gasohol fuel at participating Bangchak service stations.

    What is the purpose of this initiative?
    This initiative is designed to provide direct, everyday benefits to consumers by transforming waste into usable transport fuel, especially during a time of escalating energy costs.

    What is the limit on the quantity of used cooking oil that can be exchanged?
    Each participant can exchange up to 20 liters of used cooking oil under this campaign.

  • Singapore Sees First Gasoline Price Drop in Weeks as Global Oil Tumbles

    Singapore Sees First Gasoline Price Drop in Weeks as Global Oil Tumbles

    In a surprising turn of events, gasoline prices in Singapore have seen a drop for the first time in nearly three weeks. Shell, one of the leading retailers, has become the pioneer in cutting its rates.

    As of Wednesday afternoon, Shell was selling 95-octane petrol at a 1.44% reduced rate, which translates to SGD3.42 (US$2.67) per liter. This move has set them apart from other companies such as Caltex, Esso, and Sinopec which have opted to maintain their rates at SGD3.47. Despite the reduction in petrol prices, Shell has increased its diesel price by a significant 5.3%, hiking it up to SGD3.93.

    Global Oil Prices and International Relations

    Interestingly, this development has coincided with a fall in global oil prices. The Brent benchmark, for instance, slipped below $100 at the time of writing. This was largely attributed to an announcement from Iran stating that “non-hostile vessels” could safely navigate through the Strait of Hormuz, provided they liaised with its authorities.

    Simultaneously, U.S. President Donald Trump has reversed his earlier threats aimed at Iran’s power grid. He recently stated that the U.S. and Iran had engaged in “very good and productive” conversations.

    Trends in Diesel Prices

    According to Tom Kloza, a prominent energy adviser at Gulf Oil, diesel prices have been climbing at a steeper rate than petrol prices. This is party due to a squeeze on supply, even before any conflict. He stated, “The world was well supplied with petrol on Feb 28, but it was not well-supplied on these middle distillates like diesel, gasoil, marine fuel, and jet fuel.”

    Questions & Answers

    Why did Shell reduce its petrol prices?
    Shell reduced its petrol prices due to the recent fall in global oil prices.

    Why have diesel prices been climbing faster than petrol prices?
    Diesel prices have been rising faster than petrol prices due to a tight supply of diesel and other middle distillates like gasoil, marine fuel, and jet fuel.

    What was the reason behind the recent drop in global oil prices?
    Global oil prices fell after Iran assured the safe passage of “non-hostile vessels” through the Strait of Hormuz, given they coordinated with Iranian authorities. This, coupled with U.S. President Donald Trump stepping back from threats to target Iran’s power grid, eased tensions and led to the drop in oil prices.

  • Vietnam Gasoline Prices Skyrocket Amid Middle East Conflicts: Highest Surge since 2022 Crisis

    Vietnam Gasoline Prices Skyrocket Amid Middle East Conflicts: Highest Surge since 2022 Crisis

    Last Thursday, Vietnam experienced a significant surge in gasoline prices, which increased by 20% to reach their highest level since July 2022. This sharp rise is linked to ongoing conflicts in the Middle East, which have prompted a double-digit escalation in global prices. The most commonly used fuel in the country, RON95, saw a 20% boost, pricing it at VND30,690.

    Other Fuels See Increase

    In addition to RON95, the price of Biofuel E5 RON92 also saw a substantial rise of 20.7%, elevating it to VND22,170. Diesel prices also spiked, with a 23.7% increase bringing the cost to VND33,420. Compared to prices at the end of February, just before the onset of the Middle East conflict, RON95 and diesel are now 52% and 73% more expensive, respectively.

    Global Petroleum Market Impact

    The global petroleum market has been heavily influenced recently by factors such as proliferating tensions resulting from the military clashes involving the U.S., Iran and Israel. This situation is made more problematic by Iran’s control over the Strait of Hormuz. Around the world, RON95 gasoline has risen by 16.4% to $150.4 per barrel. Other fuels have also seen increases, with diesel up by 18.6%, kerosene by 28.8%, and fuel oil by 13.1%.

    Government Subsidies and Global Comparisons

    In response to these skyrocketing prices, the Vietnamese government has stepped in to subsidize diesel by VND4,000 per liter and gasoline and other fuels by VND3,000. This marks the sixth consecutive time subsidies have been employed to combat rising fuel costs. The cost of RON95 in Vietnam is now at its highest since a global fuel crisis sparked by the Russia-Ukraine conflict in July 2022. However, it remains lower than the peak level of VND32,870 established in June 2022. Concurrently, kerosene and fuel oil prices have reached their highest point since 2019.

    Petroleum Imports and Government Response

    From the start of the year to March 15, Vietnam imported nearly 2.71 million tonnes of petroleum products, valued at over $1.94 billion, representing a year-on-year increase of 42–43%. In the first half of March alone, import volumes surged by 41.4%, pushing import value up by 89.2% compared to the same period last year. In order to secure energy security, Prime Minister Pham Minh Chinh has been in contact with multiple countries’ leaders and met with ambassadors in Vietnam to appeal for oil supply support. Simultaneously, the Ministry of Industry and Trade and the Ministry of Finance have extensively used the petroleum price stabilization fund and reduced the preferential MFN import tariff to 0% as a strategy to ease fuel prices.

    Energy Security Measures

    During a meeting with the Energy Security Task Force on March 17, PM Chinh assured that despite the price hikes, fuel and energy supplies remain adequate to support production and consumption. Furthermore, he emphasized that the negative impacts on the public and businesses have been minimized as much as possible.

    Questions & Answers

    What was the impact of the Middle East conflict on fuel prices in Vietnam?
    The conflict in the Middle East led to a 20% surge in gasoline prices in Vietnam, with popular fuel RON95 rising to VND30,690.

    What measures has the Vietnamese government taken to curb rising fuel costs?
    The government has provided subsidies for diesel and gasoline and other fuels to help keep prices manageable for consumers. This marks the sixth time in a row that the government has stepped in with subsidies.

    How have Vietnam’s fuel imports been affected this year?
    From the start of the year to mid-March, Vietnam imported nearly 2.71 million tonnes of petroleum products, representing a year-on-year increase of 42–43%. The value of imports also rose significantly, particularly in the first half of March.

  • Iranian Conflict Sparks 7% Surge in Vietnam’s Gasoline Prices: Government Leans on Stabilization Fund

    Iranian Conflict Sparks 7% Surge in Vietnam’s Gasoline Prices: Government Leans on Stabilization Fund

    The price of gasoline is on a continual rise, leading the government to depend on its stabilization fund to provide subsidies. On Tuesday, there was yet another increase, with the price of RON95 fuel skyrocketing by 7.69% to VND29,120 (US$1.11) per litre.

    Biofuel and Diesel Prices Also Rise

    Alongside gasoline, the prices of biofuel E5 RON92 and diesel also saw an increase. Biofuel E5 RON92 rose by 5.35% to VND26,570 per litre, while diesel prices saw a 1.59% increase, taking the price to VND30,710 per litre.

    For the first time in three years, both the Ministry of Industry and Trade and the Ministry of Finance have been forced to tap into the fuel stabilization fund. This has been done in an effort to subsidize RON95 by VND4,000 per litre and diesel by VND5,000 per litre.

    The price of RON95 is now approximately at the same level as it was in July 2022, a period when the global fuel supply chain was disrupted due to the Russia–Ukraine conflict. Diesel, on the other hand, is at its highest level since 2019.

    Global Market and Production Disruptions

    Ongoing military conflicts involving the United States, Israel, and Iran over the weekend have impacted the global market, according to ministry reports. All oil-exporting countries within the Gulf have cut down production as transport through the Strait of Hormuz is currently disrupted.

    It’s also notable that the trend of most countries stockpiling fuel has resulted in a sharp rise in global prices.

    The price of RON95 gasoline has seen a dramatic 27% increase to $147.5 per barrel, with diesel rising by 20%, kerosene by 4%, and mazut by 41%.

    Changes in Pricing and Supply

    Fuel prices in Vietnam were adjusted on Tuesday, deviating from the usual Thursday adjustment, to reflect global price changes of over 7%. Although global prices have begun to stabilize, domestic prices remain high due to a delay in the pricing cycle.

    Earlier on Tuesday, prices began to decline following a statement from U.S. President Donald Trump indicating that the conflict in the Middle East would soon come to an end.

    The prices of RON95 gasoline and diesel have dropped by around $20 per barrel in Singapore, falling to $127.2 and $160.4 respectively. These lower levels will be reflected in Vietnam after the next adjustment.

    To ensure short-term supply, Deputy Minister of Industry and Trade, Nguyen Sinh Nhat Tan announced that the government had procured four million barrels of oil from its partners. With this existing crude oil stockpile and further supplies expected shortly, he projects that the supply will suffice for 30–45 days, depending on demand and production plans at domestic refineries.

    Government Measures to Control Prices

    In addition to ensuring supply, the government is taking measures to control retail prices. They have slashed most favored nation import tariffs on gasoline and certain blending materials to zero. This move is intended to incentivize distributors to import fuel from countries that do not have free trade agreements with Vietnam.

    The Ministry of Finance has also requested that the government abolish the environmental protection tax on fuel starting March 12. Currently, this tax ranges from VND1,000-2,000 per litre, depending on the type of fuel.

    Questions & Answers

    What measures are the government taking to control the rising fuel prices?
    The government is using its stabilization fund to subsidize gasoline. They have also cut import tariffs on gasoline and certain blending materials to zero and are considering removing the environmental protection tax on fuel.

    What significant change has occurred in Vietnam’s fuel pricing system?
    Fuel prices were adjusted on Tuesday instead of the usual Thursday, due to the significant global price changes.

    How is the government ensuring short-term fuel supply?
    The government has procured four million barrels of oil from its partners, and more supplies are expected shortly. This is expected to meet domestic demand for the next 30–45 days.