Gasoline prices drop to near four-month low
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Gasoline prices on Thursday fell by more than 5% to the lowest since mid-January.
Starting from 3 p.m. RON95 declined by 5.5% to VND22,320 per liter. Biofuel E5 RON92 also dropped by 5.5% to VND21,430.
Diesel fell 5.9% to VND18,250, a new low since the beginning of the year.
The Ministry of Industry and Trade and Ministry of Finance, which manage fuel prices, said that fuel prices globally have been plunging in the last 15 days due to fear of economic recession.
RON95 fuel fell by 8.4% to $93.33 per barrel, while RON92 dropped 8.7% to $89.39.
Diesel declined by 7.2% to $90.91.
Questions & Answers
Q.What was the new price for RON95 fuel after the recent drop?
What was the new price for RON95 fuel after the recent drop?
After the price drop, RON95 fuel is now priced at VND22,320 per litre. This represents a 5.5% decrease from its previous price, reaching its lowest point since mid-January.
Q.Which government bodies are responsible for managing fuel prices in this region?
Which government bodies are responsible for managing fuel prices in this region?
The Ministry of Industry and Trade, alongside the Ministry of Finance, are the two government bodies responsible for the management and regulation of fuel prices in the country.
Q.What is the main reason cited for the recent decline in global fuel prices?
What is the main reason cited for the recent decline in global fuel prices?
The primary reason for the recent plunge in global fuel prices over the last 15 days is widespread fear regarding a potential economic recession. This concern has driven down demand and prices.
Q.How much has the price of diesel dropped and what is its new per litre cost?
How much has the price of diesel dropped and what is its new per litre cost?
Diesel prices fell by 5.9%, setting a new low since the beginning of the year. The new cost for diesel is VND18,250 per litre following this decline.