Gasoline Prices See End to Nine-Week Rally: What It Means for Consumers

Gasoline prices in Vietnam took a notable dip on Thursday afternoon, marking the end of a nine-week upward trajectory.

The widely used fuel RON95 saw a slight decrease of 0.15%, settling at VND20,400 (approximately US$0.77) per liter. Similarly, biofuel E5 RON92 experienced a bigger drop of 0.50%, now priced at VND19,750. While diesel fueled a higher climb, rising by 0.92% to VND18,640.

This adjustment reflects the recent volatility in the global oil market, influenced by a mix of geopolitical events and economic shifts. Notably, tensions escalated in the Middle East following Israel’s actions targeting Hamas leadership on Qatari territory. At the same time, OPEC+ has ramped up oil production for October, and fluctuations in the value of the US dollar have further complicated the landscape, as highlighted by the Ministry of Industry and Trade.

In terms of global benchmarks, RON95 dropped by 0.2% to $81.5 per barrel, while diesel ticked up by 1.14%, now valued at $87.64. It’s a bit like watching a tightrope walker; one misstep can send prices plummeting or soaring.