Gasoline prices in Vietnam fell Wednesday afternoon as global prices cooled following a ceasefire agreement in the Middle East.
The popular fuel RON95 declined 1.63% to VND26,530 per liter.
Biofuel E5 RON92 fell 2.71% to VND24,730.
Diesel dropped 4.33% to VND42,840.
The Ministry of Industry and Trade said global petroleum markets these days have trended downward following a two-week ceasefire agreement between the United States and Iran.
On average over the past four days, prices of RON95 gasoline fell by 1.8%, diesel dropped 14.5%, and mazut declined 1.5%.
Retail fuel prices in Vietnam remain at an average level within the region, lower than Singapore, Laos, Cambodia, Thailand and China.
The Middle East conflict has continued to escalate since late February, significantly affecting global fuel and gas supplies. The scale and impact of this crisis exceed the oil shock of the 1970s, which once disrupted economies and energy markets worldwide.
An employee refuels a car at a fuel station in Hanoi. Photo by VnExpress/Pham Chieu
These developments have driven strong fluctuations in the domestic energy market. Since late February, there have been 14 pricing adjustments.
At a government press briefing late last week, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said the country’s two domestic refineries, Dung Quat and Nghi Son, have secured sufficient crude supply to maintain production through the end of April.
In March, the key fuel distributors also imported 3.2 million cubic meters of petroleum products. Combined with current inventories of 2.6–2.8 million cubic meters, domestic fuel supply is expected to meet demand through the end of this month, he added.