Fuel prices drop

Gasoline and diesel prices in Vietnam mostly fell Thursday afternoon.

The popular gasoline RON95 was priced at VND20,920, down 0.38% from seven days ago.

E5 RON92 gained 0.25% to VND20,440. Diesel fell 0.99% to VND19,050.

Regulators said that fuel prices in the last seven days were affected by increasing U.S. crude oil reserve, President Donald Trump’s halt on slapping tax on imports from Mexico, and concerns of a new trade war between the U.S. and China.

Analysts have said that China’s retaliation with high tariffs on U.S. oil and gas products will divert the U.S. exports to other countries.

In another development, the U.S. President declared “maximum pressure” on Iran. In response, the Iranian President also called on members of the Organization of the Petroleum Exporting Countries (OPEC) to unite against possible U.S. sanctions.

Analysts expressed concern that if this sanction is reinstated, supply could be disrupted, pushing oil prices up.

In the last seven days RON95 dropped 0.7% while oils fell 0.5-1.6%. RON95 is now at $86.2 per barrel and diesel $91.8.