Gasoline price drops sharply from 1,288-1,411 VND/liter; oil price also drops

The Ministry of Finance and the Ministry of Industry and Trade have just adjusted retail gasoline and diesel prices in today's adjustment period (May 9th). The prices will be effective from 3 PM on May 9th, 2024.

Today's fuel prices, effective from 3 PM on May 9th, show a decrease of 1,288 VND per liter for E5 RON 92 gasoline and 1,411 VND per liter for RON 95 gasoline; diesel prices also dropped sharply.

Specifically, the price of E5 RON 92 gasoline decreased by 1,288 VND/liter, to 22,623 VND/liter; RON 95 gasoline decreased by 1,411 VND/liter to 23,544 VND/liter.

Diesel fuel 0.05S: Decreased by 759 VND/liter to 19,847 VND/liter; Kerosene decreased by 843 VND/liter to 19,701 VND/liter.

Fuel oil 180CST 3.5S also decreased by 160 VND/kg, down to 17,503 VND/kg.

During this price adjustment period, the Ministry of Industry and Trade - Ministry of Finance did not allocate or utilize the Fuel Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel fuel, kerosene, and fuel oil.

According to the Ministry of Industry and Trade, the prevailing prices of refined petroleum products in the world between the price adjustment period of May 2, 2024 and the price adjustment period of May 9, 2024 were: 94.126 USD/barrel for RON92 gasoline used to blend E5RON92 gasoline (down 7.217 USD/barrel, equivalent to a 7.12% decrease); 98.380 USD/barrel for RON95 gasoline (down 7.373 USD/barrel, equivalent to a 6.97% decrease); 94.538 USD/barrel for kerosene (down 4.825 USD/barrel, equivalent to a 4.86% decrease); 95.964 USD/barrel for 0.05S diesel oil (down 4.321 USD/barrel, equivalent to a 4.31% decrease). 514,680 USD/ton for 180CST 3.5S fuel oil (down 5,575 USD/ton, equivalent to a 1.07% decrease).

On the global market, oil prices showed signs of recovery today, May 9th. Data from Oilprice indicates that at 8:31 AM on May 9th (Vietnam time), Brent crude oil was listed at $83.77 per barrel, up 0.22% from the previous session. WTI crude oil was at $79.24 per barrel, up 0.32% from the previous session.

Analysts say oil prices are under pressure due to easing concerns about supply. Traders believe that tensions in the Middle East are unlikely to significantly impact supply in the short term. Meanwhile, mediators are still working to reach a ceasefire agreement between Israel and Hamas.

However, investors are also cautious about the Organization of Petroleum Exporting Countries and its allies (OPEC+) cutting supply ahead of their policy meeting on June 1st. Some analysts expect that short-term demand will remain well supported and that oil prices will limit their decline.

In the most recent fuel price adjustment (May 2nd), the price of RON 95 gasoline was slightly increased, the price of E5 RON gasoline remained unchanged, while the prices of other oil products (except mazut) decreased by 110-140 VND. Specifically, the price of E5 gasoline remained at 23,910 VND/liter. Meanwhile, the price of RON 95 gasoline increased by 40 VND/liter, reaching 24,950 VND/liter.

Meanwhile, the price of diesel decreased by 110 VND/liter, bringing the selling price down to 20,600 VND/liter. Similarly, the price of kerosene decreased by 140 VND/liter, with the selling price now at 20,540 VND/liter.

Also during this price adjustment period, the Ministry of Industry and Trade - Ministry of Finance did not allocate or use the Fuel Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel fuel, kerosene, and fuel oil.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-ngay-952024-xang-giam-manh-tu-1288-1411-donglit-gia-dau-cung-giam-319115.html