Gasoline price plunges to 5-month low
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Vietnam gasoline prices on Thursday fell to the lowest in five months as global rates decline.
The Ministry of Finance and Ministry of Industry and Trade adjusted RON95 prices down 12.1 percent to VND26,070 ($1.11) per liter.
This means RON95 is now 20.7 percent lower than this year’s peak on June 21.
E5 RON92 gasoline prices dropped 9.8 percent to VND25,070, down 19.9 percent from this year’s peak. The government also brought diesel prices down 7 percent to VND24,850 per liter.
Global oil prices fell Thursday for a second straight session, as demand concerns outweighed tight global supply after U.S. government data showed tepid gasoline consumption during the peak summer driving season.
Brent crude futures dropped 33 cents, or 0.3 percent, to $106.59.
Questions & Answers
Q.Which specific gasoline types saw a price reduction in Vietnam?
Which specific gasoline types saw a price reduction in Vietnam?
The Ministry of Finance and Ministry of Industry and Trade adjusted RON95 prices downwards. E5 RON92 gasoline prices also dropped, as did diesel prices, as part of the overall reduction.
Q.What is the new price for RON95 gasoline in Vietnam?
What is the new price for RON95 gasoline in Vietnam?
RON95 prices were adjusted down to VND26,070 per liter, which equates to $1.11. This price is now 20.7 percent lower than its peak earlier this year.
Q.What factors contributed to the recent fall in global oil prices?
What factors contributed to the recent fall in global oil prices?
Global oil prices fell due to concerns about demand outweighing tight global supply. This was partly influenced by U.S. Government data showing weak gasoline consumption during the summer.
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