Vietnam’s Gasoline Prices Surge Amid Global Market Tensions, While Diesel Hits Six-Week Low

The cost of gasoline experienced a slight rise on Thursday afternoon, while the price of diesel continued to experience a significant decline. The widely used fuel, RON95, saw an increase of 2.3% from the previous week, resulting in a new price per litre of VND20,460, equivalent to USD 0.78.

Biodiesel E5 RON92 saw a moderate increase of 2.8%, bringing its price to VND19,820. Contrary to the aforementioned fuels, diesel experienced a drop in price, falling 3% to VND18,890. This price marks the lowest cost for diesel in the last six weeks.

Global Market Impact

The global petroleum market has been influenced by various factors over the past week. Notably, escalating tensions between the U.S. and Venezuela have thrown this market into fluctuation. In addition to this, the inability of the U.S. and Russia to negotiate a resolution to the ongoing conflict in Ukraine has further affected the market, according to the Ministry of Industry and Trade.

The price of RON95 increased by 2.9%, reaching $81.9 per barrel. Meanwhile, diesel prices fell by 2.7% to $86.1 per barrel.