Gasoline prices down
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The price of Vietnam’s best-selling gasoline RON 95-III fell VND610 to VND23,630 ($1) per liter on Friday, while E5 RON 92 prices dropped VND490 to VND22,680.
Meanwhile, the price of diesel fell by VND750 to VND19,390.
Kerosene prices dropped VND250 to VND19,480, while mazut oil prices rose VND650 to VND15,840.
The Ministry of Industry and Trade and the Ministry of Finance, which oversee the adjusting fuel retail prices, said that global crude oil prices have fallen for the past 10 days on fears of looming Federal Reserve interest rate hikes and OPEC+ oil output cut.
Questions & Answers
Q.Which types of fuel saw a price increase?
Which types of fuel saw a price increase?
Only mazut oil prices rose, increasing by VND650. All other listed fuel types, including RON 95-III, E5 RON 92, diesel, and kerosene, experienced price drops.
Q.Which government bodies are responsible for adjusting fuel retail prices?
Which government bodies are responsible for adjusting fuel retail prices?
The Ministry of Industry and Trade, alongside the Ministry of Finance, oversees the adjustments to fuel retail prices. These ministries commented on the reasons behind the recent price changes.
Q.What is causing the recent fall in global crude oil prices?
What is causing the recent fall in global crude oil prices?
Global crude oil prices have been falling for the past 10 days due to fears of impending Federal Reserve interest rate hikes. Concerns about OPEC+ oil output cuts also contribute to this decline.
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