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Tag: Gasoline

  • Gasoline prices slightly rise

    Gasoline prices slightly rise

    Gasoline and diesel prices rose marginally on Thursday afternoon.

    The popular RON95 gasoline went up 0.09% from a week ago to VND21,930 ($0.90) per liter.

    E5 RON92 rose 0.19% to VND21,040.

    Fuel prices fluctuate globally in the last seven days due to supply shortage in Libya, rising tension in the Middle East, and a stronger-than-expected decline in crude oil supply in the U.S, according to the Ministry of Finance and the Ministry of Industry and Trade.

    RON92 fell 0.4% to $87.14 per barrel, while RON95 gained 0.1% to $91.34. Diesel rose 1.7% to $98.5.

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  • Gasoline prices dive to seven-month low

    Gasoline prices dive to seven-month low

    Gasoline prices Thursday dropped to the lowest since May 11 while diesel hit a five-month low.

    The popular fuel RON95 fell 4.12% to VND21,400 per liter.

    Biofuel E5 RON92 dropped 3.66% to VND20,510.

    Diesel fell 3.65% to VND19,000.

    Global fuel prices decreased in the past seven days due to concerns that military tensions in the Middle East would affect oil supply from this region, according to the Ministry of Industry and Trade and the Ministry of Finance.

    In addition, the fact that countries reached a historic agreement to reduce fossil fuel consumption at the 2023 United Nations Climate Change Conference also caused prices to go down, they added.

    RON92 fell 5% to $84.54 per barrel, while RON95 dropped 5.23% to $88.54.

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  • Gasoline price falls third time in a row

    Gasoline price falls third time in a row

    On Thursday, prices of the popular gasoline RON95 dropped for the third time this month while diesel slid to a four-month low.

    RON95 fell 0.13% to VND22,990 ($0.95) per liter, while biofuel E5 RON92 rose 0.46% to VND21,790.

    This was RON95’s third straight decline this month.

    Diesel declined for the fourth time in a row by 0.44% to VND20,190, lowest since Jul. 21.

    Global oil price was little changed on Thursday as investors remained cautious ahead of expected production cuts by the OPEC+ group, and as weaker-than-expected Chinese factory data underscored slowing growth in the world’s second largest economy.

    Since last Thursday RON92 has risen 0.72% to $91.75 per barrel while RON95 dropped 0.16% to $97.11. Diesel fell 0.5% to $101.94.

  • 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.

  • 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.

  • 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 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 rise

    Gasoline prices rise

    Gasoline prices went up Tuesday for the second time this year.

    The price of the popular fuel RON95 went up 1.6% to VND22,150 ($0.94) per liter.

    E5 RON92 price also rose 1.6% to VND21,350.

    Diesel price stayed unchanged at VND22,150.

    This is the second fuel hike in three days.

    The government raised gasoline prices up more than 5% on January 1 as a VND2,000 environmental tax was applied.

    The tax has been lowered by half from the pre-pandemic level as the National Assembly wants to boost economic recovery.

  • Gasoline prices dip to 18-month low

    Gasoline prices dip to 18-month low

    Gasoline prices plunged to the lowest since June 2021, with RON95 dropping 2.36% to VND20,700 ($0.87) per liter.

    E5 RON92 fell 1.82% to VND19,970. Diesel dropped 0.32% to VND21,600. Gasoline prices have fallen four times in a row since mid-November.

    They are now 37% lower than the previous peak on June 21.

    Vietnam fuel prices are adjusted on the first, 11th and 21st of each month.

    Ho Chi Minh City has proposed that prices are adjusted every three to five days instead of the current 10 to resolve the recent supply issues.

  • Low imports cause gasoline shortage

    Low imports cause gasoline shortage

    The current partial shortage of gasoline and oil has been caused by wholesalers not importing sufficient amounts, says said Deputy Minister of Industry and Trade Do Thang Hai.

    Commissions for retailers being cut amidst fluctuating world prices is also a factor, Hai told the press reporters Tuesday. Fuel retailers said they suffer losses after their commissions were adjusted downward and many want to close down.

    Wholesalers were importing gasoline and oil when their global prices surged, sometimes by 57-85% against the same period last year, but they had to sell it at lower prices.

    Currently, Vietnamese authorities adjust fuel retail prices every 10 days based on the average prices of the previous 10 days. However, many people including lawmakers have said this cycle is no longer suitable because it leaves domestic prices outdated compared to global prices, which have been unstable of late.

    Hai said wholesalers have to cover different costs like freight to bring imported gasoline and oil to Vietnam or to transport domestically produced fuels to ports nationwide, but the costs used by the ministry to calculate the base price are smaller than actual costs borne by the wholesalers.

    For these reasons, he said that wholesalers have incurred losses, so they cut back on imports and slashed commissions for retailers.

    Hai said that other reasons for the partial fuel shortage include lower production by two domestic refineries and the absence of some wholesalers.

    The two refineries produced 9.7 million tons of gasoline and oil in the first 10 months, some 170,000 tons lower than the yearly plan, according to the Ministry of Industry and Trade.

    Several wholesalers in the south have had their business licenses revoked for administrative wrongdoings, and some others have had customs clearance of imported fuel suspended for failing to meet customs-related requirements like electronic data connections.

    The Ministry of Finance has agreed to factor in an increase in the transportation cost of importing fuel, enabling a hike in retail prices.

    The costs is VND290-560 (1.2-2.3 cents) higher for a liter of gas and VND160-660 for diesel, and reflected in retail prices from Nov. 11.

    Another solution is increasing national gasoline and oil reserves, Hai said, noting that current reserves were equivalent to just 5-7 days of consumption.

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  • Gasoline wholesalers required to sell reserves amid fuel shortage

    Gasoline wholesalers required to sell reserves amid fuel shortage

    The Ministry of Industry and Trade has requested state-run gasoline and oil wholesalers to sell their commercial reserves to mitigate fuel shortages in some localities.

    Minister of Industry and Trade Nguyen Hong Dien on Wednesday asked PVN, Petrolimex, Mipec, Petimex and Thanh Le General Import-Export Trading Corporation to sell their reserves. Usually, wholesalers are supposed to ensure enough reserves to cover 20 days.

    As of Sept. 30, the state-owned wholesalers’ commercial reserves were over 1.25 million cubic meters of gasoline and oil, equivalent to 74% of Vietnam’s total consumption in one month.

    Relevant state agencies will consider punishing 14 gasoline and oil enterprises, mostly private wholesalers, which have not supplied fuel to distributors and retailers as planned, the minister said.

    Currently, two domestic oil refineries meet 70-80% of the country’s demand for gasoline and oil. However, half of the two refineries’ supplies depend on imported crude oil, he noted.

    “In reality, Vietnam still has to import around 70% of materials for gasoline and oil production and finished products. Local crude oil and finished fuel products account for only 30%,” said the minister.

    The Government on Wednesday asked the Ministry of Industry and Trade, in coordination with the Ministry of Finance, to ensure sufficient supplies of gasoline and oil for production and daily life in all circumstances.

    After retail prices of gasoline and oil increased on Nov. 1, partial fuel shortages have still occurred in Hanoi and Ho Chi Minh City and some other cities and provinces nationwide. The HCMC Department of Industry and Trade said nearly 20% of local gasoline stations faced gasoline shortages.

    Many retailers said the commissions they receive from wholesalers remain very low, while supplies from wholesalers are still insufficient.

  • Gasoline tax cut not on National Assembly agenda this time

    Gasoline tax cut not on National Assembly agenda this time

    The proposal for cuts to special consumption tax and value-added tax on gasoline will not be reviewed in the upcoming National Assembly session.

    Addressing the press Monday afternoon, Nguyen Minh Son, vice chairman of the Economic Committee, said the government was yet to present a report to the National Assembly on decreasing the special consumption tax and value-added tax on gasoline.

    As a result, the National Assembly will not discuss the issue at the fourth session of the 15th National Assembly, which is set to begin on October 20.

    “When the government submits the proposal, the National Assembly’s agencies would consider verifying and submitting it to the National Assembly at the next earliest meeting,” Son said.

    The Ministry of Finance has prepared a proposal wherein the special consumption tax on gasoline will be halved and the value-added tax on gasoline and oil will be cut by 20-50%. The proposal has been submitted for review and inputs to the Ministry of Justice.

    A representative of the Ministry of Finance said Monday that they had developed a plan that contained different tax reduction measures in the event of gasoline prices rising in the future. It would be submitted to the National Assembly if the government demands it.

    The government determines the timing of measures to reduce VAT and excise duty, which is based on closely monitoring gasoline price changes and balancing the budget collection plan, the rep said.

    Referring to the recent swings in gasoline prices, Son said that it was an issue under the control of the government, including the ministries of Finance and Industry and Trade.

    Since major fluctuations in global gasoline prices would not immediately be reflected in domestic prices, he suggested that that the government initiates adjustments to the retail price management system in a more acceptable manner while protecting the interests of people, enterprises, retailers and importers and exporters.

    Since October 3, the petroleum market, particularly in the southern region, has been experiencing supply shortages.

    People in the south have had great difficulty getting gasoline in recent weeks with many gas stations running out of fuel or selling restricted quantities as a running battle over commissions with oil companies disrupted supply.

    In Ho Chi Minh City, for example, 137 outlets did not have gasoline to sell on October 11.

    Supply has also been scarce in other southern localities including the provinces of Binh Duong, Dong Nai, Binh Phuoc, Kien Giang and An Giang.

    However, supplies resumed October 12 with authorities guaranteeing there would be enough gasoline for the next 10 days.