Market

Gasoline prices drop sharply to below VND20,000/liter amid tensions in the Middle East

HA (t/h) • October 3, 2024 14:54

Gasoline and oil prices will both decrease from 3 p.m. today, October 3, after adjustments by the Ministry of Industry and Trade and the Ministry of Finance.

The price of RON 95-III gasoline (the most popular type on the market) decreased by VND710, down to VND19,800/liter. The price of E5 RON 92 is at VND18,850/liter, down VND770.

The new prices of oil products are 15,000-17,650 VND/liter, kg. Compared to 7 days ago, diesel oil decreased by 100 VND, to 17,400 VND. Kerosene decreased by 220 VND, and fuel oil decreased by 350 VND per kg.

Gasoline and oil prices change as follows:

Item	New price	Change
Gasoline RON 95-III	19,800	- 710
E5 RON 92 gasoline	18,850	- 770
Diesel	17,400	- 100
Kerosene	17,650	- 220
Fuel oil	15,000	- 350

Unit: VND/liter or kg, depending on type

Since the beginning of the year, gasoline prices have increased 19 times and decreased 20 times. Oil prices have increased 16 times and decreased 23 times. The Ministry of Industry and Trade and the Ministry of Finance have not yet allocated or established a gasoline price stabilization fund, similar to previous management periods.

The operator said fuel prices increased and decreased depending on the item due to the impact of increased tensions in the Middle East, increased US crude oil reserves, and the ongoing military conflict between Russia and Ukraine.

On average, over the past 7 days, finished gasoline prices have decreased by about 4.4-5.4%, and oil prices have decreased by 0.1-3%. Accordingly, each barrel of RON 95 gasoline has decreased to 81.9 USD, diesel oil is at 83.8 USD, and fuel oil is 433 USD per ton.

HA (t/h)