On Wednesday afternoon, a decrease in gasoline prices was observed in Vietnam, a result of the global markets stabilizing after a ceasefire agreement was reached in the Middle East. The well-known fuel variant, RON95, witnessed a drop of 1.63%, bringing the per-litre price to VND26,530.
Global Petroleum Markets Trending Downward
According to the Ministry of Industry and Trade, global petroleum markets have been demonstrating a downward trend following the two-week ceasefire agreement between the United States and Iran. In the last four days alone, the average prices of RON95 gasoline have decreased by 1.8%, diesel has seen a drop of 14.5%, and mazut has declined by 1.5%.
In the context of regional pricing, Vietnam’s retail fuel prices maintain an average level. These rates are lower than those in Singapore, Laos, Cambodia, Thailand, and China.
Impact of Middle East Conflict on Global Fuel Supplies
The conflict in the Middle East, which has been escalating since late February, has had a significant impact on worldwide fuel and gas supplies. The magnitude and implications of this crisis surpass the oil shock of the 1970s, an event that disrupted economies and energy markets around the globe.
Such developments have led to substantial fluctuations in Vietnam’s domestic energy market. Since the conflict’s escalation in late February, there have been 14 pricing adjustments.
Local Refineries Secure Supply
During a government press briefing held last week, Deputy Minister of Industry and Trade, Nguyen Sinh Nhat Tan, confirmed that Vietnam’s two domestic refineries, Dung Quat and Nghi Son, have successfully secured enough crude supply to maintain production until the end of April.
In March, principal fuel distributors imported 3.2 million cubic meters of petroleum products. Given the current inventories of 2.6-2.8 million cubic meters, the domestic fuel supply is estimated to meet demand until the end of the current month.
Questions & Answers
What led to the decrease in gasoline prices in Vietnam?
The falling global petroleum market prices, triggered by a ceasefire agreement in the Middle East, led to a decrease in gasoline prices in Vietnam.
How has the Middle East conflict affected the global fuel and gas supplies?
The ongoing conflict in the Middle East has significantly disrupted worldwide fuel and gas supplies, even surpassing the impact of the 1970s oil shock.
What measures has Vietnam taken to ensure a steady fuel supply?
Vietnam has taken steps to secure its fuel supply by importing petroleum products and maintaining sufficient crude supply in its two domestic refineries, Dung Quat and Nghi Son.
