Fuel prices fall for third straight week

Fuel prices fall for third straight week

Fuel prices fell for a third straight week, keeping retail rates in Việt Nam below those in neighbouring countries.

People refuel their vehicles at a petrol station in Hà Nội. — VNA/VNS Photo

Retail fuel prices in Việt Nam were cut for a third consecutive week from 3pm on Thursday, with E5RON92 petrol recording the sharpest decline in the latest adjustment.

Under a joint decision by the ministries of Industry and Trade and Finance, the maximum retail price of E5RON92 was reduced by VNĐ452 to VNĐ21,332 per litre (US$0.81).

Diesel 0.05S fell by VNĐ989 to VNĐ25,877 per litre, while mazut 180CST 3.5S dropped by VNĐ1,037 to VNĐ18,608 per kilogramme.

The ministries also decided to continue allocations to the petroleum price stabilisation fund, with contributions set at VNĐ100 per litre for biofuel petrol and VNĐ200 per litre or kilogramme for diesel and mazut products.

Meanwhile, E10RON95 petrol remains outside the State's price management mechanism. Retail prices are determined by fuel distributors based on production costs, taxes, logistics expenses and other factors.

At Petrolimex stations, E10RON95-III is selling at VNĐ22,330 per litre and E10RON95-V at VNĐ23,230 per litre.

The Ministry of Industry and Trade said global oil markets during the latest pricing period were influenced by geopolitical developments, including tensions in the Middle East and the continuing conflict between Russia and Ukraine.

Average international prices used for the adjustment declined across major fuel products. RON92 gasoline fell 0.32 per cent, diesel dropped 1.63 per cent and mazut decreased 3.98 per cent compared with the previous pricing period.

The ministry said it would continue monitoring market developments and coordinate with relevant agencies to ensure adequate fuel supplies nationwide while taking action against any violations of fuel trading regulations.

Fuel prices in Việt Nam remain lower than in neighbouring countries.

As of June 11, gasoline prices in Thailand, Cambodia, Laos and China ranged from VNĐ30,743 to VNĐ37,560 per litre, while diesel prices stood between VNĐ30,893 and VNĐ33,505 per litre, compared with VNĐ21,332 and VNĐ25,877, respectively, in Việt Nam. 

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