An employee refills a car at a fuel station in HCMC. Photo by Read/Quynh Tran
Vietnam gasoline prices fell by more than 9% while diesel dipped 23% Thursday afternoon following a double-digit decline of global fuel prices.
The popular fuel RON95 plunged 11.3% from Wednesday to VND23,540 (US$0.89) per liter.
Biofuel E5 RON92 dropped 9.7% to VND22,340. Diesel plummeted 23% to VND32,960.
The global fuel market continues to be influenced by factors related to the military conflict involving the U.S., Israel, and Iran.
RON95 on Thursday fell by 15.6% per barrel from Wednesday; diesel dropped by 26.5%, and mazut declined by 12.1%.
The Middle East conflict has continued since late February, causing significant repercussions for global fuel and gas supplies. The scale and impact of this crisis surpass the oil shock of the 1970s, which once disrupted economies and energy markets worldwide.
These developments have led to strong fluctuations in the domestic energy market. Since late February, there have been 14 pricing adjustments in Vietnam.
The government is seeking lawmakers’ approval to waive taxes on fuel until June 30 to keep retail prices down.
Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said last week that the country’s two refineries, Dung Quat and Nghi Son, have sufficient crude stocks to maintain production this month.
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